Decree amending New reform allows meetings to be held remotely through electronic means

14 November 2023

Several provisions of the General Law of Commercial Companies” was published in the Federal Official Gazette (“DOF” for its acronym in Spanish), which contemplates the use of electronic, optical or any other technology for companies to make decisions through Meetings, Resolutions, and/or Board Sessions.

Purpose of the reform

The purpose of this reform is to grant legal certainty and validity to the decisions made by companies through electronic, optical or any other technology, without leaving unprotected the principle of full equivalence, where it is sought that everything that can be done through a physical means, can also be done through electronic means, without losing its legal or evidentiary value.

This reform contemplates several amendments to the rules for decision making within Mexican companies, however, it is important to note that the power for corporations to hold Meetings and Resolutions of Shareholders and/or Members, as well as Board Sessions through the use of technology tools, will only be possible when so provided in the company’s bylaws.

In this sense, in order for Mexican companies to be able to make decisions through the use of technological, optical or any other similar technology, it is an indispensable requirement that it has been previously provided for in the company’s bylaws.

Effective date

This decree will become effective on the business day following its publication in the DOF, on October 23, 2023, except for the amendment to the second paragraph of Article 81 of the General Law of Commercial Companies regarding the process for the notice of Limited Liability Companies, which will become effective 6 (six) months after its publication in the DOF.

In light of the above, in Bravo Abogados we would be happy to answer any question you may have regarding this legal alert.

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www.j-bravo.com
Blvd. Antonio L. Rodríguez 3000, Colonia Santa María, 5to piso, Interior 501 Torre Albia, C.P. 64650 Mty, N.L., México T.

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