أحكام تداول أسهم المؤسسين و الأسهم العينية في شركات المساهمة العامة وفقا لقانون الشركات المصري رقم (159)‎ لسنة 1981 و تعديلاته

Abstract EN

This research deals with the provisions of the trading of the founders’ shares and shares-in-kind in public shareholding companies in accordance with the provisions of the Egyptian Companies Law No.

(159) of 1981, its amendments, and its executive regulations.

In principle, all shares are equal as for the rights and duties that entail.

However, this rule is not absolute.

There are some special provisions for the trading of founders' shares and shares-in-kind in public shareholding companies.

Such provisions ban the trading of those shares for a certain period of time from the date of their issuance in order to protect the interests of the company and its financial stability as well as those dealing with it.

The (old) Egyptian companies law prohibited the trading of all founders’ shares, whether monetary or in-kind.

After the amendment of this law, by law No.

(4) of 2018, the prohibition became limited to the shares in-kind.

Unlike this amendment, however, the executive regulations of this law still impose a ban on both types of the founders’ shares, monetary and in-kind.

The prohibition of trading is also imposed on in-kind shares issued when the company's capital increases during its lifetime.

In order to mitigate the prohibition of trading at issue, the Egyptian law provides for some exceptions to this prohibition, namely, the authorization of the transfer of shares by remittance (hawala) from one founder to another, or to a member of the Board of Directors to provide them as collateral for his administration, or from their heirs to others.