RG IGJ 4/2024: country clubs and real-estate developments as associations in corporate form
General Resolution IGJ 4/2024 (14/2/2024) amended RG 25/2020 as to country clubs and real-estate developments incorporated as civil associations in corporate form (art. 3 LGS): it moved from a coercive scheme to a voluntary one of functional adaptation to the Civil and Commercial Code.
What it regulates
It regulates the adaptation of these pre-existing real-estate developments to the regime of the Civil and Commercial Code, without requiring them to modify the structure of the property right.
- Allows these entities to adapt their bylaws to the provisions of the Civil and Commercial Code without the obligation to change the structure of the property right.
- Requires an express decision of functional adaptation and an 'Adaptation Regulation'.
- Repeals art. 4 of RG 25/2020 (which prevented registering corporate acts) and repeals RG 27/2020.
- Replaces the coercive approach with mandatory deadlines by a voluntary one.
Official source: RG IGJ 4/2024 — Boletín Oficial (Official Gazette) (14/02/2024)
Commentary
It provides certainty to country clubs and gated communities organized in corporate form (art. 3 LGS): they may continue operating and adapt gradually, without the risk of being unable to register acts. It is relevant for the administration of these developments.
'Functional' adaptation avoids the cost of reconverting the property right, prioritizing continuity.
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