Corporation with majority state participation (art. 308 LGS)
Article 308 of the General Companies Law defines the corporation with majority state participation: one in which the State owns at least 51% of the shares.
What article 308
Article 308 characterizes the corporation with majority state participation.
Included in this Section are the corporations formed when the national State, the provincial states, the municipalities, the authorized state agencies or the corporations subject to this regime own, individually or jointly, shares representing at least fifty-one percent (51%) of the share capital.
Source: Law 19,550, art. 308 — InfoLEG (updated official text)
Commentary
It is the type designed for state-owned enterprises that adopt corporate form: the State controls, but the company is governed by corporate law with certain particularities (arts. 308 to 312).
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