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Share dematerialisation – update – anti-crisis package 3.0

The Act of 15 May 2020 (item 875) on the amendment of certain acts in the scope of protective measures in connection with the spread of the SARS-CoV-2 virus introduced changes also in the scope of deadlines for dematerialisation of shares and other securities. The regulations are in force since 16 May 2020.

In particular, the following deadlines have changed:

  1. From 1 January 2021 to 1 March 2021 – the expiry of validity of the share documents issued by the company; at this date the entries in the register of shareholders become legally valid, and in the case of a company that is not a public company, whose general meeting adopted a resolution to register its shares in the depository of securities on the securities accounts, the entries of its shares in the securities accounts become legally valid.
  1. The date of the first call to shareholders to submit documents of shares and other securities in the company was extended to 30 September 2020; the dates of the other four calls shall be extended accordingly.
  1. Until 1 March 2021 – exercising and transferring rights from bearer shares, the documents of which have been submitted to the company, to which the provisions on registered shares apply accordingly.

The Law Firm Żyglicka i Wspólnicy will keep you posted about any changes and the reported problems concerning the dematerialisation of shares. At www.kpr.pl in the section: “Covid-19 and company,” there are articles available concerning, among others, dematerialisation of shares.

 

Leszek Paterek, attorney-at-law

Revised: 27.05.2020

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