Management of the partnership limited by shares (art. 318 LGS)
Article 318 of the General Companies Law allows the management of the partnership limited by shares to be sole, exercised by a general partner or a third party, without the time limit of article 257.
What article 318
Article 318 governs the management of the partnership limited by shares.
The management may be sole and shall be exercised by a general partner or a third party, who shall hold office for the time set by the bylaws without the limitations of article 257.
Source: Law 19,550, art. 318 — InfoLEG (updated official text)
Commentary
Unlike the corporation's board of directors (maximum of three financial years), here the manager may hold office for the time set by the bylaws. This reflects the central and permanent role of the managing general partner.
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