Juridical Assessment of the Shareholders’ Preconceived Refusal from the Pre-Emption Right to Acquire the Shares Offered for Sale
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Abstract
The pre-emption right of other company’s shareholders to acquire the shares of the company being sold, which is indicated in Article 47 of the Law on Companies of the Republic of Lithuania, is one of the problems for the seller of the shares of the close company, as well as to the buyer. In practice, the sellers of the shares often conclude the written agreements or formalize one-side statements, under which other shareholders refuse from this pre-emption right in advance. However, the Civil Code of the Republic of Lithuania indicates an invalidity of the transactions, which impose restrictions on the civil capacity of the person.
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Articles
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Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
