Incompatibilities of directors and statutory auditors (art. 310 LGS)
Article 310 of the General Companies Law applies to the corporation with state participation the incompatibilities of article 264 (except item 4), with rules for the directors representing the private minority.
What article 310
Article 310 sets out the incompatibilities in the corporation with majority state participation.
The prohibitions and incompatibilities of article 264 apply, except item 4. When the right under article 311 is exercised by the minority, officials of the public administration may not be directors, statutory auditors or members of the supervisory board representing the private capital.
Source: Law 19,550, art. 310 — InfoLEG (updated official text)
Commentary
It adapts the disqualifications to the state reality: the incompatibility of public officials (item 4) is excepted, which is logical because the State is the majority shareholder, but they are preserved for the positions representing the private capital.
Do you need advice on this matter?
The firm is headquartered in Buenos Aires, Argentina, and advises clients worldwide.
Contact the firm