Implementation of the distribution plan (art. 111 LGS)
Once approved, the final balance sheet and distribution plan are filed in the company registry record and implemented; unclaimed amounts are deposited and after three years are allocated to education.
What article 111
Article 111 governs implementation of the final balance sheet and the treatment of unclaimed amounts.
The approved final balance sheet and distribution plan shall be added to the company’s file at the Public Registry and implemented. Amounts not claimed within ninety (90) days after being made available shall be deposited with an official bank for the benefit of their holders. If they remain unclaimed for three (3) years, they shall be assigned to the competent education authority.
Source: Law 19,550, art. 111 — InfoLEG (updated official text)
Commentary
The provision regulates final payment to members and preserves unclaimed funds for three years before assigning them to a public educational purpose.
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