Guatemala Eliminates Bearer Shares

If successful, the initiative presented by the Executive branch to the National Assembly, would eliminate bearer shares in corporations.

Tuesday, November 9, 2010

The reform modifies three articles of the Commercial Code by removing references to bearer shares and replacing them registered shares.

"The Superintendence of Tax Administration (SAT) asked Congress yesterday to approve the amendments to the Tax Code, the Commercial Code and the Banks and Financial Entities Law in order to remove bearer shares in anonymous companies and to allow tax and fiscal information to be exchanged," writes the article in Elperiodico.com.gt.

More on this topic

Panama Not To Change Bearer Shares

April 2013

President Martinelli's administration has changed its position and halted the Bill on bearer shares.

This topic has been critical in heated debates regarding its usefulness, and which up until now had been advocated by the Minister of Economy and Finance, Frank De Lima.

Panama Banking Act Supports Bearer Shares

March 2013

Panamanian Bankers believe that the sector will not be affected by the new provision, and are asking for it to take effect quickly.

The Panama Banking Association has spoken in favor of the approval of the project that adopts a scheme applicable to shares issued to the bearer, and believes that once the law is passed, it should enter into force in the next three months, not in two years as the law had contemplated.

Immobilization of bearer shares

June 2012

A bill will reform the mechanism for registering company shares in Panama, in order to comply with OECD requirements.

The initiative, by the Ministry of Economy and Finance, which will be put to consultation in late June, does not provide for the elimination of bearer shares, "but their immobilization (where bearer shares are deposited with an authorized custodian).

No More Bearer Shares in Guatemala

December 2010

The Extinction of Ownership Law includes approved amendments to the Commercial Code, so from now on company shares can only be nominal.

The Law aims to attack drug trafficking and regulates "the obligations of legal entities or individuals engaged in a profession or activity that could be used for the transfer, use, concealment and movement of goods from criminal or illegal acts.”

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