The Law on Amendments to the Company Law (“Official Gazette of the Republic of Serbia”, No. 91/2019), which introduces two new legal institutes within limited liability companies: the reserved own share and financial instrument – the right to acquire a share, started to be applied on April 1.
Reserved own share is a share which the company acquires from (all or some) members of the company and with their consent, for distribution of financial instruments – the right to acquire a share. The company can have multiple reserved own shares, whereby each reserved own share is assigned a special identification number upon registration.
Reserved own share is a share that the company can acquire from its members only without compensation, and only with a single goal: for awarding the financial instrument – the right to acquire a share. The reserved own share can be acquired only from shares of the members whose contributions are fully paid/entered into. The decision on acquiring is made by the general meeting of the company by a qualified two-third majority of the total number of votes, whereby the reserved own share can be formed only from the shares of the members who have voted in favor of that decision (the decision of the general meeting cannot obligate a member who disagrees to transfer a part of his share to the company for the purpose of forming a reserved own share).
Financial instrument – the right to acquire a share is issued by the company from a reserved own share to one or more persons. That instrument enables the person to which the said financial instrument has been issued to, under privileged conditions (price), acquire a share in the company after a certain time has elapsed (mentioned in the decision on the issuance of the financial instrument). The holder of right to acquire a share shall be registered in the Central Securities Depository and Clearing House.
After the right to acquire a share is due and after the payment of the agreed price, the realization of the right to acquire a share is exercised by clearing the financial instrument from the Central Securities Depository and Clearing House, and the lawful holder of the financial instrument is registered as a member of the company in the Register of Business Entities, with the simultaneous registration of the reduction of the reserved own share.
The acquisition of the share based on the financial instrument – the right to acquire a share in reserved own share is registered simultaneously for all issues that have been issued from a single reserved own share. The simultaneous registration of all holders of rights to acquire shares who have paid the purchase price is conditioned by the content of the right to acquire shares. Namely, if the holders of these rights would be successively registered as members of the company, than the owner of a due, realized right who had been registered first as a member of the company would acquire a larger percent of the share than the holder who had been registered later as a member of the company, regardless of them having the same rights on acquisition of the same registered own share. By realizing the first right to acquire a share and registering a member on that basis, the reserved own share would be reduced for the percent of the share of the holder whose right has been realized first, in a manner that every next holder upon the realization of his right, would acquire a smaller percent of the share, because the reserved own share in relation to which he acquires the percent has also been reduced.
After obtaining a certificate from the Central Securities Depository and Clearing House on clearing of all financial instruments which have been issued from a single reserved own share, the company’s legal representative submits an application to the Register of Business Entities for the registration of acquisition of shares of all the holders of financial instruments who have paid the purchase price and the application for registration of the reduction of the percent of registered own share on that basis.
Should you have any questions regarding this matter, please contact Igor Živkovski, Živković Samardžić Corporate and M&A Partner, or any of your regular contacts at Živković Samardžić.
Izmene Zakona o privrednim društvima počele da se primenjuju
Zakon o izmenama i dopunama Zakona o privrednim društvima („Službeni glasnik Republike Srbije”, br. 91/2019), kojim su uvedena dva nova pravna instituta kod društava sa ograničenom odgovornošću: rezervisani sopstveni udeo i finansijski instrument – pravo na sticanje udela, počeo je da se primenjuje 1. aprila.
Rezervisani sopstveni udeo je udeo koji društvo stiče od (svih ili pojedinih) članova društva i uz njihovu saglasnost, radi raspodele finansijskih instrumenata – prava na sticanje udela. Društvo može imati više rezervisanih sopstvenih udela, pri čemu se svakom rezervisanom sopstvenom udelu prilikom registracije dodeljuje poseban identifikacioni broj.
Rezervisani sopstveni udeo je udeo koji društvo može steći od svojih članova samo besteretno i samo sa jednim ciljem: radi dodele finansijskog instrumenta – prava na sticanje udela. Rezervisani sopstveni udeo se može steći samo od udela članova čiji su ulozi u potpunosti uplaćeni/uneti. Odluku o sticanju donosi skupština društva kvalifikovanom većinom od dve trećine od ukupnog broja glasova, pri čemu se rezervisani sopstveni udeo može formirati samo od udela onih članova koji su za tu odluku glasali (odlukom skupštine se ne može obavezati član koji nije saglasan da deo svog udela prenese na društvo radi formiranja rezervisanog sopstvenog udela).
Finansijski instrument – pravo na sticanje udela društvo izdaje iz rezervisanog sopstvenog udela jednom ili više lica. Tim instrumentom omogućava se licu kome je izdat taj finansijski instrument da pod povlašćenim uslovima (ceni) stekne udeo u društvu nakon isteka određenog vremena (navedenog u odluci o izdavanju finansijskog instrumenta). Imalac prava na sticanje udela registruje se u Centralnom registru, depou i kliringu hartija od vrednosti.
Nakon dospeća prava na sticanje udela i uplate ugovorene cene, realizovanje prava na sticanje udela vrši se tako što se finansijski instrument ispisuje iz Centralnog registra, depoa i kliringa hartija od vrednosti, a zakoniti imalac finansijskog instrumenta se upisuje kao član društva u Registru privrednih subjekata, uz istovremeni upis smanjenja rezervisanog sopstvenog udela.
Sticanje udela na osnovu finansijskog instrumenta – pravo na sticanje udela u rezervisanom sopstvenom udelu registruje se istovremeno za sve emisije koje su izdate iz jednog rezervisanog sopstvenog udela. Istovremena registracija svih imalac prava na sticanje udela koji su uplatili otkupnu cenu uslovljena je sadržinom prava na sticanje udela. Naime, ukoliko bi se imaoci ovih prava upisivali sukcesivno kao članovi društva, onda bi imalac dospelog, realizovanog prava koji je prvi registrovan kao član društva stekao veći procenat udela od imaoca koji je kasnije registrovan kao član društva, bez obzira što su imali ista prava na sticanje istog rezervisanog sopstvenog udela. Realizacijom prvog prava na sticanje udela i upisa člana po tom osnovu rezervisani sopstveni udeo bi se smanjio za procenat udela imaoca čije je pravo prvo realizovano, tako da bi svaki sledeći imalac pri realizaciji svog prava sticao manji procenat udela, jer je i rezervisani sopstveni udeo u odnosu na koji stiče procenat umanjen.
Nakon pribavljanja potvrde Centralnog registra, depoa i kliringa hartija od vrednosti o ispisu svih finansijskih instrumenata koji su izdati iz jednog rezervisanog sopstvenog udela, zakonski zastupnik društva podnosi Registru privrednih subjekata prijavu za upis sticanja udela svih imalaca finansijskih istrumenata koji su uplatili otkupnu cenu i prijavu za registraciju smanjenja procenta rezervisanog sopstvenog udela po tom osnovu.
Ako imate pitanja u vezi sa ovom temom, kontaktirajte Igora Živkovskog, partnera za korporativno pravo i spajanje i preuzimanje u advokatskoj kancelariji Živković Samardžić ili Vašu osobu za redovan kontakt u advokatskoj kancelariji Živković Samardžić.