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State Gazette Highlights

October 23, 2018

State Gazette Highlights

In issue 88 dated 23 October 2018, the following have been promulgated:

  • Law on amendment of the Commercial Act

The more significant amendments concern the legal status of shareholding entities.

The possibility for issuing shares to a bearer shall be abolished. Bearer shares issues until the law is enforced or replacement temporary certificates shall be replaced by registered shares. Within 9 months of the law’s enforcement, the companies which have issued shares to bearers or replacement temporary certificates shall amend their statutes by stating that their shares are registered, commence keeping shareholder registers and apply for registering the changes and announce the amendment statutes to the commercial register. A certified updated excerpt of the book of shareholders shall be attached to the application.

Following the enforcement of the Law on amendment of the Commercial Act, in return for temporary certificates certifying bearer’s rights, only registered shares may be received.

In effect as of 23 October 2018, with exceptions

  • Ordinance on amendment and supplement to Ordinance 1/2007 on the keeping, storage and access to the commerce register and the register of non-profit legal entities

In effect as of 23 October 2018, with exceptions

  • Ordinance on amendment and supplement to Ordinance 5/2004 on ship documents

In effect as of 23 October 201

Go to full issue 88 dated 23 October 2018:

http://dv.parliament.bg/DVWeb/broeveList.faces

 

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