Modification. Law Nº 19.550

Original Language Title: Modificación. Ley N° 19.550

Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/11512836/20161127

Business Corporations Act 27290 modification companies. Law Nº 19.550.
The Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. sanctioned with force of law: modification of the Law 19.550 article 1 - replace Article 255 of law 19.550, which shall be worded as follows: "Article 255-administration is run by a Board made up of one or more directors appointed by the meeting of shareholders or the Board of Trustees, in their case." In Article 299 corporations, except those provided for in paragraph 7), the directory will be integrated at least with three Directors. If it empowers the Assembly of shareholders to determine the number of Directors, the Statute will specify the minimum and maximum number allowed."
Article 2 - replace article 284 of the Law 19.550, which shall be worded as follows: "article 284-is in charge of one or more trustees appointed by the meeting of shareholders." Equal number of substitute Trustees will be elected. When the society is included in Article 299 - except in the cases provided for in paragraphs 2 and 7 - the trustee must be collegial in odd number. Each action will in all cases rights to a just vote for the election and removal of Trustees, without prejudice to the application of article 288. Any clause to the contrary is void. Disregard. Societies that are not included in any of the cases referred to in Article 299, may dispense with the trustee when so provided in the Statute. In such a case the partners have the right controller conferred by article 55. When by capital increase results exceeded the amount indicated the Assembly which thus decides it must appoint trustee, without the necessary reform of statute."
Article 3 - communicate to the national executive power.
GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, NINETEEN DAYS AFTER THE MONTH OF OCTOBER IN THE YEAR TWO THOUSAND SIXTEEN.
https://www.boletinoficial.gob.ar/pdf/linkQR/TVNXK3pKdE10d0pycmZ0RFhoUThyQT09 - registered under no. 27290 - EMILIO MONZÓ. -JUAN C. MARINO. -Eugenio Inchausti. -John p. Tunessi.
Buenos Aires, November 17, 2016 by virtue of the prescribed in article 80 of the Constitution, I certify that the law Nº 27.290 (IF-2016-03167734-APN-SST #SLYT) sanctioned by the HONORABLE Congress of the nation October 19, 2016, has been enacted in fact of November 8, 2016. Given for publication to the National Directorate of the official registration, turn will copy the HONORABLE Congress of the nation and for their knowledge and other effects, refer to the human rights and Justice Ministry. Fulfilled, archived. -Paul Clusellas.

Publication date: 11-18-2016 https://www.boletinoficial.gob.ar/pdf/linkQR/TVNXK3pKdE10d0pycmZ0RFhoUThyQT09