The commercial registrar cannot reject bylaws that grant economic rights to the pledgee upon execution of a pledge of shares
07 Aug 202683 views
Who is affected:
Capital companies with pledges over shareholdings and their pledgee creditors
Summary
The DGSJFP resolves a matter concerning whether the bylaws of a limited liability company may grant economic rights to the pledgee during the execution of a pledge of shareholdings. The validity of this bylaw clause is analyzed against the restrictive criterion applied by the commercial registrar.
Detailed analysis
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The Directorate General for Legal Security and Public Faith examines whether a bylaw clause transferring the economic rights of the shareholder to the pledgee upon initiation of pledge execution over social shares is registrable. The commercial registrar XIII of Madrid rejected registration on the grounds that it would…
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