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Shares’ transfer represents a circumstance which is subject to entering in the Commercial registry and the non-profit legal entities registry (CRNPLER). The term for submission of the amendment of this circumstance is 7 days as of the date of the notarial authentication of both signatures and content of the shares’ contract.

In relations between the shareholders and between the shareholders and the limited liability company the shares’ transfer occurs on the signing date of the share’s contract within the prescribed by the law form. For the third parties the transfer shall take effect on the date of entering the amendment of this circumstance in the CRNPLER.

In case of noncompliance with the 7-day term for applying the shares’ transfer in the CRNPLER, the consequences are administrative - a fine in amount between BGN 500 and BGN 1000. The late submission is not a ground for refusal an application for entering the shares’ transfer in the CRNPLER.