Entry into force of the law and its application to existing companies (art. 386 LGS)
Article 386 of the General Companies Law set its entry into force at 180 days after its publication and its application by operation of law to existing regular companies.
What article 386
Article 386 governs the entry into force and the temporal application of the law.
This law shall enter into force one hundred and eighty (180) days after its publication; nevertheless, companies incorporated beforehand may adapt to its provisions. The provisions hereof are applicable by operation of law to the regular companies incorporated as of its entry into force, without requiring the amendment of the contracts and bylaws.
Source: Law 19,550, art. 386 — InfoLEG (updated official text)
Commentary
It set out how the new law applied to companies already in existence: it governs by operation of law, without the need to amend each set of bylaws. It now has historical and interpretive value.
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