Through Oficio 220-084067 of May 19, 2020, the Superintendence of Corporations resolved a consultation on the possibility of resuming a non-presential meeting of the highest corporate body of a company, under the terms of Article 430 of the Colombian Code of Commerce, which could not be completed due to technological failures in the platform used.

According to the Superintendence, the mentioned norm was not designed for the current economic and health situation, so the meeting could not be resumed with the physical participation of all the subscribed shares. In this order of ideas, the Superintendence of Corporations ruled out the possibility of resuming the suspended meeting.

However, it indicated that it is appropriate to call a new meeting to consider the issues that were not dealt with in the suspended meeting. It should be noted, however, that the suspended meeting must be recorded in the minutes with the evidence of the legal impossibility to continue and conclude the consideration of the topics included in the agenda.

If the suspended meeting is an ordinary or extraordinary meeting in which the Financial Statements of the Corporation will be considered, the Superintendence of Corporations indicated that it is not necessary to incorporate the exercise of the right to inspection, nor consider the terms of advance for the call of the ordinary meetings. The above, as long as the suspended meeting has correctly contemplated the time terms for the exercise of the right to inspection. 

In this order of ideas, the new meeting convened may be an extraordinary meeting with the term of advance for the call provided in the bylaws or in the law and must comply with the provisions of Decree 398 of 13 March 2020.