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Legal acts
19 Sep 2014
On 18 September 2014, the Lithuanian Parliament passed the Amendments to the Articles 1.74, 1.105 and 6.871 of the Civil Code No. XII-1091 on supplementation of the list of transactions due to be certified by a public notary.
According to the legal regulations valid at the time, only the following transactions must be drawn up in the notarial form: transactions on the transfer of the real rights in an immovable thing and transactions on the encumbrance of the real rights and of the immovable thing; contracts of marriage (pre-nuptial and post-nuptial) and other transactions which are to be notarised in accordance with the mandatory provisions of the Civil Code.
As from 1 January 2015, the following transactions shall be drawn up in the notarial form as well as:
1) contracts on sale and purchase of a private limited liability company shares, in cases where 25% or more of total shares are sold or where the company shares are sold at a price higher than 14,500 euros, except in cases where personal securities accounts of shareholders of a public limited liability company are managed according to the procedures laid down in the legal acts regulating the securities market;
2) bills of exchange exceeding 3000 euros, if the drawer of such bill of exchange is a natural person or an entity managing its accountancy under the simplified accounting standards;
3) loan agreements exceeding 3000 euros, when such transactions are executed by cash payments.
According to the initiators of the Law, amendments are aimed at preventing unlawful enrichment, as it restricts the ability to justify the enrichment with the help of false bills of exchange, debt instruments and shares sale and purchase contracts. However, after new requirement come into force both, the conclusion and the execution of certain very popular transactions will get much more complicated. It is thus advisable for everyone planning to transfer their ownership rights in the company’s shares or to conclude any other transactions mentioned herein, to do that untill 1 January 2015.For more information (only in Lithuanian) see here.
Šulija Partners Law Firm Vilnius, registered office Jogailos street 11, Vilnius, LT-01116, Lithuania, fax +370 52051926, e-mail: info@SulijaPartners.com
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