State Act

Code of Comunidades of 1961

Art. 22 – The rights laid down in the clause No. 2 of article 20 shall commence from the date of the primary enrolment of the respective shares, and those laid down in No. 3 of the same article from the primary enrolment of the respective participants. § 1. For receiving the dividends of the shares and in order to exercise the rights of the member, it is necessary that registration must be in the administration office and the primary enrolment in the respective comunidade. § 2. The provisional registration of shares certificates does not confer upon the shareholder the membership right, but only the right of alienation of shares certificates, in the status in which he possesses them; however, the provisional primary enrolment, confers the rights referred to in the preceding paragraph, and these rights are liable for extinction. § 3. The provision of the first part of paragraph 2 and in the paragraph 3 of the preceding article shall be applicable to the dividends from the shares and to the shares of the participants. § 4. When there is impossibility or difficulty for the appearance of the absentee members to collect the proceeds of zonns, dividends of shares certificates, share of participants, allowances and pensions, the 6[Government] may authorize the payment to be effected in favour of the one who produces a declaration issued by the concerned party, with the signature duly recognized by the clerk of the comunidade, and with the undertaking to refund, in case of any complaint being received. § 5. In cases of constitution of fideicomissum or reservation of usufruct7, the registration (averbamento) shall be made in the name fideicomissionare or of the owner and the registration in the name of fiduciary or of usufructuary.