Subsequent entry into the state-participation regime (art. 309 LGS)
Article 309 of the General Companies Law allows a corporation to come within the state-participation regime if, after incorporation, the requirements are met and a special shareholders' meeting so determines without opposition.
What article 309
Article 309 governs the subsequent entry into the majority state-participation regime.
Also included shall be the corporations in which the requirements of the preceding article are met after the instrument of incorporation, provided that a specially convened shareholders' meeting so determines and there is no express opposition from any shareholder.
Source: Law 19,550, art. 309 — InfoLEG (updated official text)
Commentary
If the State acquires the majority of an already existing corporation, the latter may pass into the special regime by resolution of the shareholders' meeting, save for opposition by a shareholder. It protects private parties who do not want that regime.
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