IGJ General Resolution No. 25/2020: country clubs and real estate complexes − adaptation.
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Company Law and Real Estate & Hospitality Departments Report | IGJ General Resolution No. 25/2020: country clubs and real estate complexes − adaptation
Dear Sir or Madam,
General Inspection of Corporations (IGJ, for its initials in Spanish) General Resolution 25/2020, published in the Official Gazette on May 20th, states the following:
SECTION 1: Granting of a 180-days term, as from the publication date of the present General Resolution in the Official Gazette, for country clubs and any other real estate complex organized as Associations under the form of Company (Section 3, Law No. 19,550) so that in accordance with section 2075, paragraph 3 of said code, they shall adapt the organization to the regulatory provisions set forth for them on Book IV, Title VI, as right in rem for special horizontal property and according to Title V for rights in rem in a general horizontal property.
SECTION 2: Once registration certificates for the adaptation in the corresponding real estate registry have been submitted before this authority, the registration of the association under company form can be canceled once it can be credited that there are no liabilities, or assumption of debts, including contingent liabilities by the owners’ consortium.
SECTION 3: Failure to comply with the crediting of adaptation within the term set by Section No. 1, unless its extension results from normal compliance of the diligence, shall deem administrators and syndics liable to the penalty set forth in Section 302 Subsection 3 from Law No. 19,550, all the foregoing notwithstanding legal actions which may be taken.
SECTION 4: The General Inspection of Corporations (IGJ) shall not register any corporate acts arising from the companies mentioned in Section 1 of the General Resolution herein which may intend to undermine or hinder its goals.
The resolution herein shall become effective upon its date of publication.
Should you require any further information on this matter, please do not hesitate to contact us.
Sincerely,
Fernanda Mierez
Pedro Nicholson