Transfer of securities due to statutory changes

1. In cases of establishment of a new trade company or increasing of the basic capital with a non-cash contribution that is consisted of securities the CSD will execute the transfer of those securities from the securities account of the owner – founder of the company, to the securities account of the newly established company or already established company, after submitting the decision for registration of the company or the increase of the basic capital of the company by the Central Register of the Republic of North Macedonia – Trade register and register of other legal entities. The same procedure will be implemented in cases of increase of capital or establishment of a new company with a non-cash contribution that is consisted of securities that are registered at the CSD, that have registered seat in other countries, after registering the change in the original register of the company that is being established, or that is increasing its capital with the non-cash contribution.  

2. In cases where in the liquidation procedure of a company there are assets of the company that is consisted of securities, these securities will be transferred to the company’s founders/shareholders upon submission of the following documents to the CSD:

• If the liquidation procedure is conducted by the court – a court decision for finalizing the liquidation procedure in which the securities are listed and their distribution is specified and if the decision lacks these elements, a decision of the authorized liquidator containing these elements should be submitted 
• If the liquidation is voluntary – a decision for deletion of the company from the Trade register and an appropriate decision of the liquidator  in which the securities are listed and their distribution is specified.