The Act of 10 August 2016 (the "Act") modernising the Luxembourg Companies Act of 10 August 1915, as amended, and amending certain provisions of the Luxembourg Civil Code, introduced new rules on the rights of bare owners (nu-propriétaire) and beneficial owners (usufruitier) in the event of divided ownership (usufruit) of shares.
Prior to the Act, there were no specific rules on the division of ownership of shares. The Act introduces both rules applicable to all types of companies and those applicable to only certain corporate forms. The new rules enhance legal certainty and provide flexibility as the parties can agree on various provisions. Click here for more.
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