1 julio, 2026 | Actualidad normativa, Novedades

 

 

Por Juan Anello, Abogado. 

El pasado 29 de mayo de 2026, el Poder Ejecutivo Nacional remitió al Congreso un proyecto de ley que busca la derogación total de la Ley General de Sociedades Nº 19.550 y su reemplazo por un nuevo cuerpo normativo de 277 artículos. El eje central de la reforma propone virar desde el actual régimen de orden público e intervención estatal hacia un modelo donde la autonomía de la voluntad y el estatuto social desplazan a la ley como documento rector de cada sociedad.

Entre los principales puntos del proyecto destacamos:

(i) Supletoriedad generalizada: Se establece como principio rector que el estatuto prima sobre la ley (Art. 2). Las normas legales pasan a ser supletorias y la imperatividad normativa será de interpretación restrictiva, lo que exigirá rediseñar los estatutos genéricos vigentes.

(ii) Simplificación de tipos societarios: Se reducen a 5 los tipos legales (Simple, SRL, SA, SAS y DAO), eliminándose figuras tradicionales como la sociedad colectiva, en comandita y de capital e industria. Las sociedades existentes bajo tipos derogados tendrán el plazo de 1 año para transformarse.

(iii) Objeto social amplio y plural: Se elimina la exigencia de precisión, determinación y conexidad obligatoria de las actividades. Ante la omisión o silencio del estatuto, la sociedad quedará plenamente facultada para realizar cualquier actividad lícita (Art. 10).

(iv) Digitalización y registros: Se generaliza el uso de firma digital o electrónica avanzada y la consulta irrestricta a un legajo digital público. Para el tipo SAS se prevé un procedimiento de inscripción garantizado en un plazo de 24 horas.

(v) Sociedad Automatizada e Inteligencia Artificial: Se incorpora esta categoría transversal (Art. 14) aplicable a estructuras que operen mediante algoritmos o IA sin personal en relación de dependencia para su giro ordinario, debiendo incluir la expresión «Automatizada» en su denominación.

(vi) Sociedades Descentralizadas Autónomas (DAOs): Se crea formalmente la DAO como tipo societario sui generis (Arts. 258-265). Sus participaciones se representarán mediante tokens, la gobernanza se regirá por protocolos técnicos y la transferencia de cuotas se perfeccionará en la red blockchain declarada.

(vii) Protección al administrador (Business Judgment Rule): El Art. 101 codifica la BJR y sustituye la solidaridad automática por una atribución de responsabilidad individual y de medios. Exige cuatro requisitos concurrentes: buena fe, ausencia de interés personal, información suficiente y proceso de decisión adecuado. Asimismo, se habilita a las personas jurídicas a ejercer la administración.

(viii) Elección de derecho aplicable y arbitraje: Para sociedades que no realicen oferta pública, se autoriza expresamente a los socios a someter sus relaciones internas al derecho extranjero o a la lex mercatoria (Art. 141). Paralelamente, se regula un régimen integral de arbitraje societario vinculante (Arts. 136-141).

(ix) Reducción de la fiscalización estatal: Se limita el control e intervención de los organismos de registro. El criterio amplio sobre la fiscalización estatal permanente prevista por el Art. 299 actual, queda circunscrito únicamente a sociedades anónimas bajo regímenes especiales o que hagan oferta pública, otorgando competencia exclusiva a la CNV (Art. 266).

(x) Eliminación de la reserva legal obligatoria: Se suprime la obligatoriedad legal de destinar el 5% de las ganancias anuales hasta alcanzar el 20% del capital social, delegando dicha conformación a la libre decisión estatutaria de los socios (Art. 51).

Consideramos que este proyecto representa un punto de inflexión definitivo en nuestra tradición jurídica mercantil. El marcado enfoque hacia la flexibilización contractual y la incorporación de estructuras nativas digitales busca adecuar el ecosistema local a los estándares de la economía digital y la atracción de capitales globales. No obstante, la magnitud de las modificaciones abre complejos desafíos interpretativos en materia de control fiscal, delimitación de responsabilidades de los algoritmos y la vigencia práctica de los estatutos actuales, cuya revisión estratégica resultará indispensable si el proyecto avanza en el Congreso.

English Version

Argentine Executive Branch Submits Bill to Replace Law No. 19,550

By Juan Anello, Lawyer. 

On May 29, 2026, the Argentine Executive Branch submitted to Congress a bill that would repeal General Companies Law No. 19,550 in its entirety and replace it with a new legal framework comprising 277 sections. The bill’s central objective is to shift away from the current model, which is largely based on public policy and regulatory oversight, toward a framework in which freedom of contract and a company’s bylaws displace statutory law as the primary source governing each company’s internal affairs.

Key Highlights of the Bill

(i) Supplementary Application of Statutory Rules. As a general principle, a company’s bylaws will prevail over statutory provisions (Section 2), which will operate as supplementary rules. Mandatory provisions must be interpreted narrowly. If enacted, the reform will likely require many existing generic bylaws to be revised.

(ii) Streamlined Corporate Forms. The bill reduces the number of corporate forms to five: unregistered companies, limited liability companies (SRLs), corporations (SAs), simplified corporations (SASs), and decentralized autonomous organizations (DAOs). Existing forms such as general partnerships, limited partnerships, and sociedades de capital e industria (a form of partnership in which some partners contribute capital while others contribute only their labor or services) would be eliminated. Companies currently organized under the repealed forms would have one year to convert to one of the new permitted structures.

(iii) Broader and More Flexible Corporate Purpose. The bill eliminates the current requirements that a company’s corporate purpose be specific, clearly defined, and that the activities included in it be connected to one another. If a company’s bylaws do not specify a corporate purpose, the company will be authorized to engage in any lawful activity (Section 10).

(iv) Digitalization and Corporate Records. The bill expands the use of digital and advanced electronic signatures and provides for unrestricted public access to digital corporate records. It also guarantees the registration of simplified corporations (SASs) within 24 hours.

(v) Automated Companies and Artificial Intelligence. The bill introduces this new cross-cutting category (Section 14), which applies to companies that operate exclusively through algorithms or artificial intelligence, without employees. Companies falling within this category must include the word “Automated” in their corporate name.

(vi) Decentralized Autonomous Organizations (DAOs). The bill creates decentralized autonomous organizations as a sui generis corporate form (Sections 258 to 265), whose ownership interests are represented by tokens. The governance of DAOs will be determined by technical protocols, and transfers of ownership interests will be recorded on the designated blockchain.

(vii) Business Judgment Rule: Section 101 incorporates the Business Judgment Rule into Argentine corporate law and replaces the current regime of automatic joint and several liability with a system of individual liability based on the conduct of each administrator and the means employed to achieve the corporate objective. The bill establishes four cumulative requirements for the application of the rule: good faith, absence of personal interest, adequate information, and an appropriate decision-making process. It also authorizes legal entities to serve as corporate administrators.

(viii) Applicable Law and Arbitration: For non-listed companies, the bill expressly permits shareholders or members to have their internal relationships governed by foreign law or lex mercatoria (Section 141). It also establishes a comprehensive framework for binding corporate arbitration (Sections 136 to 141).

(ix) Reduced Regulatory Oversight: The bill reduces the scope of regulatory oversight and involvement by the corporate registry. Permanent state oversight, as currently provided for under Section 299 of the Companies Law, is limited to corporations subject to special regimes or that make public offerings, with the National Securities Commission (CNV) acting as the sole supervisory authority (Section 266).

(x) Mandatory Statutory Reserve Eliminated: The bill eliminates the requirement to allocate 5% of annual profits to a statutory reserve until it reaches 20% of the company’s capital. The creation and maintenance of such reserve would be left to the discretion of shareholders or members (Section 51).
We believe this bill represents a significant shift in Argentina’s commercial legal framework. Its strong emphasis on contractual flexibility and the introduction of digitally native structures are intended to align Argentina’s corporate legal framework with the needs of the digital economy and attract international investment. However, the scope of the proposed changes raises a number of complex interpretative issues, particularly in relation to tax oversight, the allocation of liability in algorithm-driven decision-making, and the continued applicability of existing bylaws. A detailed review of these matters will be essential should the bill advance in Congress.