Enforceability of the agreement in Section IV companies (LGS art. 22)
Section 22 of the General Companies Law provides that, in Section IV companies, the agreement may be invoked among the members and is enforceable against third parties who knew of it; third parties may in turn invoke it against the company and its members.
What article 22
Section 22 establishes the enforceability of the company agreement in Section IV companies.
The company agreement may be invoked among the members. It is enforceable against third parties only if it is proved that they actually knew of it at the time of contracting or when the obligation arose, and third parties may also invoke it against the company, the members and the managers.
Source: Law 19,550, art. 22 - InfoLEG (updated official text)
Commentary
This is one of the pillars of the more lenient post-2015 regime: even without registration, the agreement is effective among the members and against third parties who actually knew of it. This radically changes the former rule of total non-enforceability applicable to irregular companies.
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