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 Extinction of Ownership Law includes approved amendments to the Commercial Code, so from now on company shares can only be nominal.
President Martinelli's administration has changed its position and halted the Bill on bearer shares.
A bill will reform the mechanism for registering company shares in Panama, in order to comply with OECD requirements.
Panamanian Bankers believe that the sector will not be affected by the new provision, and are asking for it to take effect quickly.
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