The trustee must be a bank (during the issue) (art. 341 LGS)
Article 341 of the General Companies Law requires that the trustee be a banking institution only during the issue and subscription; afterwards the assembly may appoint another person.
What article 341
Article 341 governs who may be a debenture trustee.
The requirement that the trustee be a banking institution applies only to the period of issue and subscription. Thereafter, the assembly of debenture holders may appoint any person not affected by the prohibitions of the following article.
Source: Law 19.550, art. 341 — InfoLEG (updated official text)
Commentary
The bank is indispensable in the placement (because of its solvency and organization), but once the issue is placed the debenture holders may freely choose their representative, subject to the incompatibilities of art. 342.
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