Sole Shareholders Companies
to its internal legislation the figure of
control and/or group situations for local
corporations. Effectively, under article
26 of law 222 of 1995, there is a control
situation when a corporation is under
subordination of another, including
physical people, whether directly or
through third parties.
unity regarding the direction and purpose
of both the controlled and controller
corporations and/or physical people
when they exercise control under legal
circumstances.
local legislation to the current challenges
of corporate law.
Talking about the scenarios in which
it is possible to have a control situation,
the article included some presumptions of
subordination, as follows:
supposed controller owns directly or
through third parties more than 50
percent of the shares of the controlled
corporation;
controller, directly or indirectly,
is able to issue as many votes as
required for taking decisions within
the shareholder assembly or in cases
where the controller has enough
participation to appoint the majority of
the members of the board of directors;
when the controller, through business
with the controlled, is able to exercise
dominant influence over the decisions
of the later;
corporations are entitled to challenge,
before the Corporations Superintendence,
associate of corporate law for Pinilla Gonzalez
& Prieto Attorneys. His main areas of practice
are civil and commercial law; and real estate
transactions.
Av Calle 72 - 6-30 Piso 9y14
Bogota, Colombia
jrojas@pgplegal.com