Urgent Procedure for Registrations with the PRC

Scope

As from 27 March, 2002, it is possible to choose an urgent procedure for the registration of certain proceedings:

1. Incorporations of corporations (S.As.) and limited liability companies (S.R.Ls.) if the constituents are individuals or foreign companies and require only a notary public’s or lawyer’s legal opinion;

2. Incorporations of S.As. and S.R.Ls. which are not encompassed in the previous paragraph, excluding those resulting from business reorganisations;

3. Amendments to by-laws of S.As. and S.R.Ls., except those referred to the extension or renewal of the company’s term, or capital reduction;

4. Capital increases of S.As. within fivefold;

5. Setting up of local branches, offices or any other type of permanent representations of foreign legal entities, as well as the registration of foreign legal entities as shareholder of local companies (Sections 118 and 123, Argentine Companies Law Nº 19,550);

6. Transfer of legal domiciles to national jurisdiction;

7. The execution and amendments of contracts of entrepreneurial collaboration;

8. The appointment and removal of the companies’ administrators (Section 60, Argentine Companies Law Nº 19,550);

9. Change of legal domiciles of S.As. and S.R.Ls.

10. Powers of attorney.

Procedure and costs

When the registration requires a notice in the Official Gazette the procedure may only be initiated and filed with the PRC as from the day following to the publication and, should the PRC deem it convenient, it shall be registered that same day. The documentation must be filed from 9.30 to 11.00 a.m.

The PRC’s resolution also foresees the possibility to convert the proceedings filed under the standard form procedure into the above-mentioned urgent procedure.

The cost of the proceedings mentioned in points 1 to 7 is of three times the current PRC fee ($282) and in the case of points 8 to 10, it is of twice the current PRC fee ($112).

The new system has opened the possibility of obtaining the registration in the same day of the filing with the PRC. Should this aim be fulfilled, the procedure will be gladly welcomed.