Corporation Law of the Republic of Panama
Law 32 of February 26, 1927


Sundry Provisions

ARTICLE 93. National or foreign corporations established or having agencies or branches in the Republic at the time that this law comes into effect shall be governed insofar as refers to the contracting parties by their articles of incorporation, their by-laws and the laws in force at the time of their organization or of their establishment in the Republic, as the case may be.

ARTICLE 94. National corporations organized before this law comes into effect may at any time be governed by the provisions of this law; this fact must be set forth in a resolution adopted by the stockholders, which must be recorded in the Registry Office. The stockholders of national corporations actually dissolved but not yet liquidated may, for the purpose of the liquidation, be governed by the provisions of this article, provided that it is so resolved by a number of stockholders not less than that required by the by-laws to provide for the dissolution of the corporation before the expiration of the term fixed for such corporation.

ARTICLE 95. All the provisions heretofore in force relative to corporations are hereby repealed.

ARTICLE 96. This law shall come into effect on the first day of April, 1927.

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The IMF has reported that Panama was one of the fastest growing economies in the world last year.
Cable & Wireless has announced that its principal operations in the Channel Islands, the Caribbean, Panama, Macau, and Monaco are expected to invest more than USD 400 million in Caribbean telecommunications development.
The IMF concluded the 7th Annual Regional Conference on Central America, Panama and Dominican Republic and examined how globalization and economic integration is impacting Central America's tax structures.
The President of Mexico Felipe Calderon has initiated talks with Panama regarding a free trade agreement that has been awaited for a long time.
Panama's long-term sovereign credit rating has been raised by Standard and Poor's to BB+ from BB. This new rating is based on strong economic growth of Panama and continued improvement in fiscal health of its government.
Recently, a new law was passed by Panama's National Assembly to give multinational companies that perform certain tasks a significant tax break. As a result, according to a company specialising in investment property in Panama, the country's real estate sector is expected to experience an unprecedented boost.
The WTO has announced completing a Trade Policy Review of Panama and published the results of the review. The report suggested that the rationalization of assistance programmes and the simplification of the trade regime would help Panama to sustain the economic growth.
Economic growth in Panama is expected to exceed last year's 8.1% because of a strong investment climate, a dynamic services sector and the Panama Canal expansion programme.
The Trade Promotion Agreement has been signed by Panama and the United States to eliminate tariffs and other barriers to the trade in goods and services between Panama and the US.
The Panama Canal Authority (ACP) held a public hearing in Balboa, Panama, with the participation of fourteen representatives from shipping and government.
Panama banks Banco General and Banco Continental have come to the agreement to merge. This merger will create one of the largest financial services companies in the region. The merger is expected to close during 2007.
Panama hopes to become Argentina's replacement on the UN Security Council after Latin American and Caribbean Group (GRULAC) of the UN Security Council delayed as far as some English-speaking Caribbean members were reportedly upset about not being adequately involved in this process.
At a meeting of Panama's President and Executive President of the Central American Bank for Economic Integration (CABEI) agreed that by the end of 2006 Panama will become an 'extra-regional' partner of CABEI. This status will provide Panama with the access of funding of about USD 60 million.
Chile and Panama signed the free trade agreement that opens up 92.5% of the Chilean economy to Panamanian producers. Now most Panamanian products will enjoy a zero tariff when entering Chile's market.