The Belgian private limited-liability company (BVBA/SPRIL) is characterised by the limited transferability of its shares. This means that shares can only be transferred in one of the following cases:
- at least half the partners holding at least 3/4 of the capital (not including the shares to be transferred) approve the transfer;
- the transfer is to another partner, the spouse of the transferor or the executor or relatives in the direct ascending or descending line of the transferor; or
- the transfer is to another person specified in the articles.
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