Release Of Share Pledge Agreement

In accordance with Section 19 of the Banking Regulation Act 1949, no bank may exceed 30% of a company`s free capital or 30% of its own free capital and reserves, depending on the lesser value, whether it is a pawnbroker, an absolute owner or a mortgage (c), the secretary of the company certifies that a pawnbroker has been registered on the register of the members of the company against the mortgaged shares. Category AD – I Banks may address to the resident borrower the “non-objections” regarding the pawning of shares held by the loan company`s project promoters, as well as to the borrower`s associated national companies, in order to guarantee the ECB under the following conditions: Regulation 29 deals with the advertising obligations imposed by the lender. The regulation provides that in the event of the acquisition or sale of shares or voting rights by the purchaser or a concerted person of the target company, which amounts to 5% or more, his right to vote and/or his total interest in that target company are disclosed within 10 working days of the acquisition of those shares or voting rights. Disclosure is made: it is customary that, in many cases, a pledge of actions creates a tax against the pfandor. After the end of the collateral, all documents held by the pawnbroker under the share concession agreement must be returned to the pledge. All registrations with the clerk of Cypriot companies must be cancelled and the declaration of deposit on the register of members of a company must be cancelled by notification to the company secretary. Regulation 29 does not apply to commercial banks or public financial institutions that are considering doing so as pawnbrokers in connection with the seizure of shares to guarantee debts in the course of their business activities. It is customary for undated documents in the context of share seizure contracts, which must be executed by the company or the pawnbroker and notified to the pawn giver, for example. B the undated transmission instrument, the undated resignation letter, etc., must be included in the form of additional documents.