In principle, shares shall be freely transferable. The transfer of shares shall be carried out
according to the following procedure:
1°) for companies not making a public call for capital:
by transfer on the registers of the company, for registered shares, the holder’s rights resulting
from the single registration on the company’s registers;
by simple delivery for bearer shares. The bearer of the share shall be deemed to be the owner;
2°) for companies making a public call for capital:
besides the above procedure whether for registered or bearer shares, the shares may be
represented by registration in an account opened in the name of their proprietor and held either
by the issuing company or a financial intermediary approved by the Minister in charge of the
Economy and Finance. In such case the transfer shall take place by transfer from one account
to another.
Section 5
Limitations to the transfer of shares
Official translation
Spot-checked
In force from 17 April 1997
Source page 167