New doctrine of the Directorate General for Registers and Notaries that states that the power of the Board of Directors to appoint Directors expires or not depending on the agenda of the previous Boards of Directors.
Since the release of the ruling issued on February the 16th, not yet published in the BOE, where the Constitutional Court declared several key provisions of the Local Tax on Property Sales of Guipúzcoa void, there have been numerous reactions in the media. Until the full written judgment is published its reach and consequences of its applications cannot be appropriately assessed. We will then further comment on that.
Argentina has experienced an important shift in its economic policy in less than a year, and it is already reaping the first rewards with an economic growth forecast for this year upwards 2% GDP, and close to 3% GDP for the next. In this scenario it is set the state travel headed by Mauricio Macri to Spain, with a clear objective of re-attracting the Spanish investment towards Argentina. Numbers begin to trend positively, we rely the legal framework remain stable to make it last.
In spite of the strong growth and employment generation of recent years, corporate restructuring continues; companies aim to improve their efficiency and competitiveness, adapting to technological and market changes, which requires a continuous transformation effort. The success of restructuring processes, according to our extensive experience in the field, requires a number of elements such as the following.
Articles of Association of a limited liability company may include provisions by which the first refusal right can be exercised at book value and not at the market value of the shares.