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Corporate Law. New Regulations issued by the General Inspection of Corporations (IGJ). General Resolution No. 7/2015

By Florencia Askenasy and Magdalena Pologna

General Resolution No. 7/2015 (the “Resolution”) was published today in the Argentine Official Gazette. Thus, the IGJ issued a new uniform body of regulations.

This Resolution is a restatement of Resolution No. 7/2005 and subsequent general resolutions and a necessary modification of the procedures that had to be adapted to the amendments to the New Civil and Commercial Code, which comes into effect tomorrow.

Except for resolutions governing capitalization and saving systems for determinate purposes and General Resolutions Nos. 5/2007 (Joint Resolution No. 2325/07, issued by the Federal Administration of Public Revenue (AFIP)) 2/2009, 1/2010, 12/2012, 4/2014, and 6/2015, and any other general regulations issued by the IGJ not governing any matter provided for in the Resolution, all of which will remain in force, the Resolution supersedes its predecessor, Resolution No. 7/2005, and subsequent general resolutions.

The coming into effect of the Resolution is divided into two stages:

  1. On Monday, August 3, 2015, the regulations on the following matters will enter into force:
  • Registration of trust contracts
  • Special provisions on sole proprietorships
  • Procedure aimed at curing the so-called “companies not organized under any of the types contained in Chapter II and other cases” in accordance with Part IV of the Business Companies Law.
  • Rules on non-profit corporations and foundations.
  1. The others will enter into force on November 2, 2015.

In principle, unless the interested party requests otherwise because it is more favorable for him or her, previous regulations will still apply to proceedings commenced and underway as of the coming into effect of the Resolution until such proceedings are completed, even if they are completed after the entry into force.