Transferable shares / Registered shares
Generally both registered shares and transferable shares can be emitted by a Swiss AG (PLC). In the case of registered shares the company must keep a share register in which the names and addresses of the shareholders are recorded. Only those appearing in this register are deemed to be shareholders of the company.
Upon transference of shares a so-called cession (deed of assignment) is required on the share certificate. It must be taken into account that the transfer of ownership of registered shares can be made dependent on the company’s statutes where agreed by the company (restricted registered shares). The management of a company limited by shares thereby gives itself the opportunity to exert influence on the shareholder structure and to avert hostile take-overs, to name an example. Notification can be directly served to the shareholders.
In the case of anonymous transferable shares it is the share that represents a right to the company, that is, the respective owner of the share is a shareholder of the company. The transfer of shares may be carried out anonymously, which means for the company, however, that they are unable to exert influence on the shareholder structure. Notifications made to the shareholders must be published in suitable media formats that are accessible to the public.