State Act

421

Section 421

Code of Comunidades of 1961

Act no. 2070 of 19611961In forceGoa (State Act)

Art. 421 – The shares certificates of the comunidades may be offered as security for payment or liabilities by way of a pledge]127 or an usufruct]128 and consignment of income]129 only by a shareholder, but who has full ownership of the shares, duly registered. §1. It is not lawful to create charges referred to in this article, by way of notice recording by an act of agreement in the share certificate itself, except for the purpose of creation of usufruct, but it shall be done by a special document or contract following the formalities prescribed in the general law for such cases. §2. It is lawful to make registration of the Civil Suit for recovery of the share certificate of comunidade in order that the judgements become executable against the transferee subsequent to the registration.