SECTION 120

When the branch is owned by a foreign person, it shall be attached to a preexisting company or to a company to be created, organized under the laws of one of the States parties no later than two (2) years after its creation, unless it is exempted from this obligation by an order of the minister in charge of trade of the State party in which the branch is located. Subject to provisions applicable to companies under a special regime, the exemption shall be granted for a period of two (2) years, non-renewable. In the event of infringement of the provisions referred to in the first paragraph of this article, the clerk or the competent entity of the State party shall remove the branch from the registry of commerce and securities, following the decision by the competent court, ruling further to a motion, at the request of the clerk or to the request of any interested party. The removal decision shall be published by the clerk or the competent entity of the State party in a newspaper authorized to publish legal notices of the State party.