State Act

Code of Comunidades of 1961

Art. 433 – With the presentation of the shares certificates and correlative documents, a note shall be made in the entry book of such presentation, signed by the person who presents them and of the transferor in case of paragraph 1 of article 415, or any other person on his request and two witnesses when the former do not know to sign. §1. The registrations shall be made and preferences regulated, in the order of these entries, if the registration were not refused. §2. A single registration may be made when the presentation refers to the shares of different comunidades. §3. When, on account of insufficiency of documents or defect of the “pertence” (transmission), the registration is refused, the administrator shall issue to the applicant the note of refusal, in order that the latter may file an appeal to the Administrative Tribunal. §4. In case the appeal is allowed, the registration made as a result thereto shall be deemed to have been made on the original date of presentation. §5. Once the registration is refused, due to insufficiency of documents or for irregularity in the annotation of transfer, the annotation cannot later on be allowed based on the same documents or captions “belongs to”, except when the applicant clarifies the doubts or obtain favourable decision on appeal.