Bearer shares forbidden in Portugal

Bearer shares forbidden in Portugal

The Portuguese Government amended the Portuguese Securities Code and the Portuguese Companies Code by Decree-Law, thus forbidding the issue and transfer of bearer shares.

The legal diploma came into force on the 4th of May 2017.

As of the last week, new shares of Portuguese companies no longer may be issued as bearer shares. All existent bearer shares are to be converted into nominative shares within a six-month deadline.

In the meantime, the sale or any other type of transfer of shares is forbidden and dividend rights are suspended.

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