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Friday, 13 February 2015 15:40

Commercial companies can't become association

According to Article 167 of the Commercial Code, which establishes the possibility of transforming society, before its dissolution, in any commercial company governed by that statute, it is not possible that processing takes place in a corporation or foundation, said the Superintendency of Companies (Supersociedades).

Meanwhile, as to the entities nonprofit, Law 454 of 1998, by which the conceptual framework of the solidarity economy is determined, said that no subject legal person it is allowed to become corporation he added the superintendency.

The company noted that commercial companies, branches of foreign companies and sole proprietorships, under the terms of Law 222 of 1995 and other related rules are subject to its jurisdiction. Therefore, the Supersociedades lacks the authority to make matters related to other subjects, such as non-profit entities, whether corporations, associations, community action boards or foundations, among others.

Finally, he noted that the decrees 1318 1988 1529 1990 delegated to the governors and the mayor of Bogota function exercise control and supervision over institutions domiciled common use in the respective department or the Capital District, with except those which are subject to the control of another entity.

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