Mexican Investment Board

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Mexican Investment Board

THIRD TITLE

CORPORATIONS

INCORPORATION AND MODIFICATION TO CORPORATIONS

ARTICLE 15.- Authorization from the Ministry of Foreign Affairs is required for the creation of corporations. The foreigners’ exclusion clause or the agreement provided for in Section 1 of Article 27 of the Constitution shall be inserted in the by-laws of the corporations created.

ARTICLE 16.- A permit from the Secretariat of Foreign Relations for companies created to change their corporate name is required.

The companies that replace the Exclusion of Foreigners Clause for the Admission of Foreigners Clause, shall notify it to the Secretariat of Foreign Relations, within thirty business days following the replacement.

If these companies own real estate located in the Restricted Zone used for realization of nonresidential activities, they shall give the announcement to which Article 10, paragraph (1) of this Law refers, within the period set forth in the preceding paragraph.

ARTICLE 16A.- Any application for permit to which Articles 15 and 16 of this Law refers, shall be resolved by the Secretariat of Foreign Relations within five business days following the filing date of the corresponding application, or approval is deemed to have been granted.