Register of shareholders of non-public joint-stock companies and limited joint-stock partnerships

Abstract

The Polish legislator continues the process of dematerialisation of securities, including shares. At the next stage of this process, the system is unified by dematerializing the shares of non-public joint-stock companies and limited joint-stock partnerships. A thorough change in the provisions of the Code of Commercial Companies provides the normative basis for dematerialisation of the shares of these companies by creating an autonomous regime. Three regulations are of fundamental importance here – “shares do not have the form of a document”, “are subject to registration in the shareholders’ register” and “the register may take the form of a distributed and decentralized database”. Adequately to such rudiments at work, new regulations were analyzed in terms of the nature of the “register share”, construction of the register, including the possibility of placing the register on the blockchain, registration mode in the register of shareholders, rights and obligations of the entity maintaining the register and the effects of the entry.