UNIVERSIDAD NACIONAL DE PIURA

MAESTRIA EN DERECHO
CON MENCIÓN
EN DERECHO CIVIL Y COMERCIAL

LIMITACIONES A LA LIBRE TRANSMISIBILIDAD

DE LAS ACCIONES

DR. CARLOS A. CORNEJO GUERRERO

Profesor
 LIMITACIONES A LA LIBRE TRANSMISIBILIDAD
DE LAS ACCIONES

FUENTES DE LAS GRADOS DE TIPOS DE CLÁUSULAS

TRANSMISIBILIDAD DE
LMITACIONES LAS ACCIONES LIMITATIVAS

• Ley • Cláusulas de
• Estatuto
• Libre transmisibilidad autorización
• Pacto social • Cláusulas de
• Acuerdos junta de aprobación
accionistas
• Cláusulas que
• Convenios entre
• Transmisibilidad establecen un derecho
de preferencia
accionistas • Cláusulas que exigen
• Convenios entre que se reúnan
accionistas y terceros determinadas
• Resoluciones
• Prohibición cualidades
judiciales • Cláusulas que
• Resoluciones establecen una
administrativas restricción temporal a
la transmisibilidad

A put right gives a
shareholder the right to have
the corporation repurchase
its shares from the
shareholder and can be
exercised either at any time
or after a specified period
Drag-along right: By exercising a
grad-along right, the majority
shareholder (s) can force all other
shareholders to sell their shares to
a third-party purchaser on the
same terms that the majority wish
to sell their shares to that third
party

A call right gives a

shareholder -or the
corporation itself- the
right to purchase the SHARE
shares of another
shareholder TRANSFERS` A piggiback right
RESTRICTIONS allows minority
shareholders to have
Rigth of first refusal: If a their shares bougth
shareholder wishes to sell by any third party
his or her shares to wishing to purchase
someone who isn’t a the shares of the
shareholder, do the other majority
shareholders have a prior shareholders
right to purchase those
shares? Shotgun buy-sell provision: Such a provision
allows a shareholder to submit an offer to buy
the shares of the other shareholders. If the other
shareholders reject that ofter, they are required
to buy the offering shareholder´s shares on the
terms of the original offer (i.e., on the terms on
which the offering shareholder was prepared to
purchase their shares)