RG IGJ 8/2024: powers of attorney of managers domiciled abroad (SAS)
General Resolution IGJ 8/2024 (1/3/2024) repealed RG 20/2020 and reinstated the earlier criterion on the power of attorney of the representative of the manager domiciled abroad in Simplified Joint-Stock Companies (SAS): that power of attorney is not registered and is limited to receiving notices and, if necessary, carrying out procedures before public agencies.
What it regulates
It regulates the representation of the foreign manager of a SAS, within the framework of the deregulation of procedures. It restores the wording of art. 38 of RG 6/2017.
- Fully repeals RG IGJ 20/2020.
- Reinstates the earlier wording of art. 38 of RG IGJ 6/2017: the power of attorney to the representative of the manager domiciled abroad is not registered and is limited to receiving notices and carrying out procedures before public agencies.
- Reasons that the repealed rule exceeded the regulatory powers and unduly restricted freedom of contract (autonomía de la voluntad).
- Enters into force on the day following its publication.
Official source: RG IGJ 8/2024 — Boletín Oficial (Official Gazette) (04/03/2024)
Commentary
It facilitates the operation of SAS with managers from abroad: it reduces registry burdens on the power of attorney of the local representative. It forms part of the 2024 simplification trend.
For foreign investors who manage a SAS, it clarifies the scope of the power of attorney that their representative in the country must be granted. It is advisable to coordinate it with the regime of Law 27,349 (SAS) and to verify what is in force.
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