The Public Registry of Commerce of the City of Buenos Aires and Trust Funds

On April 21, 2006 the Public Registry of Commerce of the City of Buenos Aires (“PRC”) enacted General Resolution No 2/2006 (“Resolution 2/2006”), establishing additional requirements for PRC registration of shareholders’ resolutions in which trust funds voted as shareholders. 

The measure requires the disclosure of certain information concerning the trustee, settlor and beneficiary, such as their personal data; whether they control, or are controlled by, or are related to the company issuing the shares; if they hold any position in, are employees of or attorneys-in-fact for the company issuing  the shares, or its controlling or related companies; if there are restrictions on exercising voting rights; the date of registration of the fiduciary assignment in the Share Register; and the total number and type of fiduciary shares.

Resolution 2/2006 applies to the applications for registration of resolutions adopted by shareholders’ meetings held on or after August 1, 2006.

In order to comply with some of these requirements, a copy of the trust agreement certified by a notary public, or its relevant sections, may be attached.