The Act N° 27.290 published by the Official Gazette on the 18-11-2016 introduced changes in the articles 255 and 284 of the General Companies Act N° 19.550.
By virtue of the new article 255 it stops from being a requirement in Single Member Companies (“SAU” as its name in Spanish) for the Board of Directors to have at least three (3) members. So unless the SAU are simultaneously part of the other subsections of article 299, single member boards will be possible.
As for, the changes in article 284 they will not need to have a fiscal commission. Therefore one principal administrator and substitute one will be enough to comply.
Consequently, these changes will make SAU a more attractive alternative when considering doing business in Argentina. The changes will be enforce from the 26 of November 2016.
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