Abstract

LOPEZ GUZMAN, Fabián  and  MEDINA NORIEGA, Emilio José. The Bearer Shares in Simplified Stock Corporations in Colombia: Legality, Convenience, and Effects in the Arbitration Process. Novum Jus [online]. 2023, vol.17, n.1, pp.33-68.  Epub June 06, 2023. ISSN 1692-6013.  https://doi.org/10.14718/novumjus.2023.17.1.2.

The purpose of this article is to analyze the convenience and legal-economic effects of allowing bearer shares in simplified joint-stock companies (SAS) and their implications in the arbitration process. To fulfill this purpose, the characteristics of the SAS corporations are outlined, followed by a study of their capital formation and, consequently, of the types of shares regulated by Law 1258 of 2008 in Articles 10 and 11. The advantages and disadvantages of the different shares classes are examined and, in particular, the shares with single and multiple votes, which are a novelty in Colombian corporate lax. Finally, we analyze different aspects of the bearer shares, like their regulation in Colombian corporate law, the suspension or suppression made by article 9 of Decision 291 of 1991, their benefits or comparative advantages, and their implications for the arbitration process. The article concludes with legal and legislative recommendations.

Keywords : Simplified joint stock company SAS; capital; classes of shares; bearer shares; arbitration process.

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