In line with the ongoing reforms spearheaded by the recently appointed Inspector General, the The Office of Companies (“IGJ” after its Spanish acronym) has issued General Resolution 2/2024, effective as of February 1, 2024. This resolution brings significant changes by amending Section 67 and repealing Section 68 of General Resolution 7/2015.
Previously, Section 67 of General Resolution 7/2015 mandated a precise and determined corporate purpose, permitting additional activities only if they were related, accessory, and/or complementary. Simultaneously, it explicitly prohibited multiple corporate purposes.
While the requirement for legal acts within the corporate purpose to be precise and determined remains, the amended section, now allows the inclusion of multiple legal acts, even if they are unrelated.
Conversely, Section 68 of General Resolution 7/2015 granted the IGJ the authority to demand an increase in the initial capital stock, at its sole discretion, if deemed manifestly inadequate for conducting the activities outlined in the corporate purpose.
