Konsekwencje naruszenia prawa pierwokupu lub prawa pierwszeństwa nabycia praw udziałowych
The Legal Consequences of the Breach of Pre-emptive Right or Right of First Refusal on Transfer of Shares

Summary/Abstract: Determination of the legal consequences of transfer of shares performed with violation of the pre-emptive right or right of first refusal raises serious controversy in Polish jurisprudence and legal doctrine. This article concludes that if these kind of restrictions on transferability of shares are stipulated in the articles of association or statute of the company, their breach results in suspended ineffectiveness of such action against third parties. On the other hand, violation of the pre-emptive right or right of first refusal provided outside the company’s corporate act effects, in principle, in the inter partes consequences in the form of liability for damages. The complexity of the interpretation of relevant norms concerning the subject matter requires raising de lege ferenda postulate, the purpose of which is to facilitate the determination of the nature of pre-emptive right or right of first refusal on transfer of shares and the consequences of their infringement.

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