Penalties the controlling authority may impose (art. 302 LGS)
Article 302 of the General Companies Law empowers the controlling authority to impose a warning, a warning with publication and fines in the face of violations of the law, the bylaws or the regulations.
What article 302
Article 302 sets out the administrative penalties of the controlling authority.
The controlling authority, in the event of a violation of the law, the bylaws or the regulations, may impose: 1) a warning; 2) a warning with publication; 3) fines on the company, its directors and statutory auditors, graduated according to the gravity of the infraction.
Source: Law 19,550, art. 302 — InfoLEG (updated official text)
Commentary
It gives 'teeth' to state control: from a call to order to fines on the company and those responsible. The penalties are graduated and appealable (art. 306).
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