Liability for irregular issues (art. 200 LGS)
Directors, supervisory council members and statutory auditors are jointly and severally liable without limit for damage caused by issues violating the public-offering regime.
What article 200
Article 200 establishes liability for irregular issues and subscriber remedies.
Directors, members of the supervisory council and statutory auditors are jointly and severally liable without limit for damage caused to the company and shareholders by issues made in violation of the public-offering regime. The subscriber may seek nullity of the subscription and joint and several compensation.
Source: Law 19,550, art. 200 — InfoLEG (updated official text)
Commentary
The rule reinforces Article 199 with personal management liability and gives the misled subscriber an action to annul the subscription and recover damages.
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