State Act
Section 429
Art. 429 –The transmission of shares indicating the name of transferee (pertence - belongs to) or any charges created on them shall have no effect at all as far as third parties or comunidades are concerned, before its registration in the administration office. §1. In the transmission of shares, with consignation of usufruct of its dividend, the right to the same starts on the day of the respective registration in the comunidade, except when it is expressly otherwise provided for. §2. Any agreement entered on the same subject shall not be recorded as transferee (pertence) and the document drawn for this purpose shall be produced in the administration office along with the shareholder certificate whereon pertence (belongs to) is considered for the purpose of registration.