Dear friends and clients,
The following executive orders were published in the Official Federal Gazette on July 24, 2018:
1.-The first executive order amends the provisions published on June 12, 2015 to adapt the Electronic Business Company Publications System of the Department of the Economy, as a result of the amendment to the General Business Company Law by the executive order published on June 14, 2018 in the Federal Official Gazette, whereby Articles 73 and 129 of the Law were amended. The purposes of the recent amendment is to make public any transfers of membership interests and shares of stock in limited liability companies and business corporations, respectively.
Therefore, said executive order refers to publications required to be made by the business corporations with respect to dissolution and liquidation minutes, as provided in Article 249 bis, paragraph I of the General Business Company Law, setting out the procedure to be followed to publish the minutes in the Electronic Business Company Publications System of the Department of the Economy. The procedure to be followed by business corporations in order to publish the final balance of the liquidation referred to in Article 249 bis 1, paragraph VI of the General Business Company Law is also set out.
It is important to take into account that in case of failure to follow the above-mentioned procedure, the publication of notices on dissolution and liquidation and the final balance of liquidation in the Electronic Business Company Publications System of the Department of the Economy will not valid to third parties.
2.-The second executive order published in the Official Federal Gazette amends and supplements Pre-Codified Forms to make the relevant records and annotations in the Public Commercial Registry and in the Federal Personal Property Collateral Registry. The purposes of the above is to facilitate and expedite the recordal of any actions in the Public Commercial Registry for rectification and cancelation of commercial folios. Furthermore, it is meant to provide legal certainty on records in the Public Commercial Registry for dissolution and liquidation procedures, record rectification, actions and electronic commercial folios cancellations. Thus, the Pre-Codified Form M-26 was amended and the Pre-Codified Forms M-48, M-49, M-50 and M-51 were added.
Both executive orders will valid on July 25, 2018, except for the Pre-Codified Forms M-26 and M-51, which will be valid on September 25, 2018.