Abstract

This article discusses two opinions expressed in the Bulgarian literature concerning the vinculated shares'  transfer made against a restriction in the company's statute. The first sustains that the transfer is validly made but it should not has an effect on the company.  The other does not grant no legal title of the share to the acquirer at all. This study defends as right the second opinion because the transferee should become a member of the company only upon the right transfer of shares. However, in the studied case the transferee may not obtain the legal title of the share since not acting in compliance with the company-statute's terms about the restriction for shares' transfer.