Update of the amount of share capital from which corporations are subject to permanent state supervision
Today, the Ministry of Justice published Resolution 10/2024 in the Official Gazette, setting the amount of two billion Argentine pesos ($2,000,000,000) as the threshold of share capital from which corporations are subject to permanent state supervision (cf. Section 2 of Article 299 of the General Companies Law).
For practical purposes, companies with a share capital of less than two billion pesos and not falling under any other provision of Article 299 of the General Companies Law:
- may waive the appointment of statutory auditors (síndicos) if permitted by their bylaws.
- are exempted from submitting their financial statements to the General Inspection of Corporations prior to the ordinary general shareholders´ meeting.
- are not authorized to distribute anticipated dividends.
The Ministry of Justice has decided to implement this measure in response to the current socio-economic context. The official text of the Resolution can be found at the following link.
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