Amendments To Article 79 Of Law No 18,046

Original Language Title: MODIFICA ARTICULO 79 DE LA LEY N° 18.046

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Article 79-Notwithstanding the provisions of Article 79 of Law No 18,046, open limited liability companies which, until 30 June 1987, conclude agreements or refine agreements with their creditors, with the aim of rescheduling or refinancing obligations existing at the date of this law or those which have been replaced, may restrict or limit to 10% of the liquidated profits of the financial year, the distribution of the minimum dividends to its shareholders, provided that that is in the agreement and that the stipulation has been approved by an extraordinary board of shareholders cited for that purpose, by a majority of not less than two thirds of the shares issued with the right to vote.
The rule contained in the preceding subparagraph shall apply to the conventions governed by Title XII of Law No 18.175 and to those agreements to which all banks or financial institutions, national or foreign, creditor, are parties to the Convention. society.
The time limit for the restriction or limitation shall be that laid down in the respective agreements or agreements. However, for cases governed by Title XII of Law No 18.175, the period may not exceed the validity of the respective Convention.
In other situations, the time limit may not exceed 10 years from the date of publication of the present law.