From 4th May 2015 became effective Law No. 18 2015 (The Amendment) that establishes a regime for the immobilization of Bearer Shares.
Companies with bearer shares issued before the enactment date originally had a transition period of three (3) years to deposit bearer shares in custody which has now been reduced and ends on December 31, 2015.
Bearer Share Certificates issued before this date must be replaced by registered share certificates or delivered to an authorized custodian at the latest on December 31, 2015, along with an affidavit stating the ownership of said shares. Not complying with the above before said deadline, the owner of the bearer shares will not be able to exercise before the corporation the political and economic rights inherent to said shares.
Before the enactment of the Law, the options available are the following:
- To issue registered shares or to convert the previously issued bearer shares to registered shares to appoint a natural person or legal entity as shareholder.
- To deposit the bearer share certificates with an authorized custodian.