Core features of STAKs and share certificates in the Netherlands
Separation of legal and beneficial ownership
O le fausaga a le STAK e vaevaeina ai le umiaina i ni vaega faaletulafono ma ni vaega aogā. O le umiaina faaletulafono o sea a lau kamupani e faaliliuina atu i le faavae lava ia. O le komiti faatino a le faavae e pulea nei sea ma faaaoga uma aia tatau palota i fonotaga a tagata e umia sea. O le umiaina aogā e faaliliuina atu i tagata e umia tusi faamaonia e ala i lisiti teuina. O nei tagata taʻitoʻatasi e maua faamanuiaga tau tamaoaiga o sea umia, including dividend payments and profit distributions.They cannot vote on faaiuga a le kamupani. Whether they may attend the general meeting depends on how the certificates were issued: depositary receipts issued with the cooperation of the company (bewilligde certificaten) carry meeting rights under article 2:227 of the Dutch Civil Code, which means the right to be convened, to attend and to speak, but never to vote. Certificates issued without that cooperation carry no meeting rights at all.This separation allows you to distribute financial rewards whilst maintaining centralised control. The foundation acts as an intermediary between your BV and the ultimate beneficiaries.Your company’s fausaga pulega e tumau pea le mautu e tusa lava pe fesuia'i lima le umiaina o meatotino.Role of depositary receipts and certificate holders
Depositary receipts (certificaten van aandelen) represent fractional interests in the shares held by your STAK. These certificates give holders the right to receive dividends and other profit distributions from the underlying shares.The STAK issues these receipts and maintains a register of all certificate holders. Certificate holders are not shareholders in legal terms.They cannot vote, and they cannot steer company decisions through the general meeting. Their rights follow from the certification conditions (administratievoorwaarden) and, where the certificates were issued with the cooperation of the company, from Tusi 2 o le Tulafono Fa'a-Sivile a Holani: meeting rights, the right to be convened, and standing before the Enterprise Chamber (Ondernemingskamer) in inquiry proceedings.The STAK’s board determines how and when to distribute profits to certificate holders. You must document these arrangements clearly in the foundation’s articles and certificate conditions drawn up by a civil-law notary.Fundamental differences: STAKs versus traditional shares
Traditional shares combine voting rights and economic rights in a single instrument. Shareholders directly participate in company decisions and receive dividends.They can attend meetings, propose resolutions, and vote on major corporate actions. STAK certificates separate these rights permanently.Your employees or family members holding certificates cannot vote. They rely on the STAK board to represent the shares, and whether they may attend the general meeting turns on whether the certificates were issued with the cooperation of the company.Traditional shareholders can typically sell their shares freely unless restrictions apply. Certificate holders may face additional transfer restrictions outlined in the certificate conditions.The STAK structure adds an extra layer between the certificate holder and the actual company shares, which affects liquidity and transferability.Establishment and legal structure of a STAK
Incorporation process and notarial requirements
E tatau ona e auai i se notary tulafono fa'alemalo to establish a STAK. The foundation cannot be created without a notarial deed of incorporation.The civil-law notary drafts the deed of incorporation, which sets out the foundation’s purpose and structure. This document must comply with Dutch foundation law.You’ll need to provide the notary with details about the foundation’s objectives, its board members, and how it will manage shares. Notarial fees depend on the complexity of the structure and are not fixed by law; the notary is obliged to quote them in advance.Your notary will also advise on whether your proposed structure meets Dutch legal requirements. Setting up a STAK usually takes two to four weeks from initial consultation to final registration.Registration with the Dutch authorities
A maeʻa ona sainia le pepa faʻamaonia o le notarial, ona resitala lea e lau notarial o tulafono faʻalemalo le STAK i le Potu Fefaatauaiga a Holani. E maua e le fa'avae se numera resitala tulaga ese mai le tusi resitala o fefaatauaiga.Registration is mandatory before the STAK can legally operate. The Chamber of Commerce records the foundation’s name, registered address, and directors.This information becomes publicly accessible through the trade register. You must also register any changes to the foundation’s structure or board composition.The Chamber of Commerce charges a one-off registration fee, which it sets and publishes itself. Once registered, the STAK exists as a separate legal entity with its own rights and obligations.Key documents: articles of association and trust conditions
le tusitusiga o fegalegaleaiga o le pepa faavae a le faavae. O nei mataupu e faamaoti mai ai le faamoemoega o le STAK, tulafono tau pulega, ma le auala e tofia ai pe aveesea ai faatonu. O le pepa o tuutuuga o le faatuatuaga (e taua foi le pepa faamaonia) e pulea ai le mafutaga i le va o le STAK ma ē umia tusi faamaonia. O lenei pepa o loʻo faʻamatalaina ai:- Auala e tuʻuina atu ai ma fesiitaʻi ai tusi faamaonia o sea
- Aia tatau a ē umia tusi faamaonia i tufatufaga ma isi faamanuiaga tau tamaoaiga
- Faiga palota ma faʻatonuga mai ē umia tusi faamaonia
- Tuutuuga mo le toe fa'aolaina po'o le fa'aleaogaina o tusi fa'amaonia
Primary functions and applications of STAKs
O le fa'avae STAK o se fausaga fa'apitoa fa'apisinisi e vavae'ese ai le umiaina fa'aletulafono mai le aia tau tamaoaiga i sea a le kamupani. O lenei fa'alapotopotoga Holani e fa'atalanoaina lu'itau fa'apitoa i le puleaina o aseta, soloa'iga fa'aleaiga, ma le pulega fa'apisinisi e ala i fa'atulagaga fa'aletulafono i le va o le fa'avae ma i latou e umia tusi fa'amaonia.Asset protection and wealth preservation
O se fa'avae STAK e fausia ai se pa puipui i le va o sea a lau kamupani ma fa'amata'u mai fafo. E umia e le fa'avae le pule fa'aletulafono i sea a'o e taofia pea fa'amanuiaga tau tamaoaiga e ala i tupe maua mai le teuina o sea. O lenei fausaga e maua ai faatapulaa aitalafu puipuiga mo au aseta autu. O au sea e tu i totonu o le faavae nai lo lou igoa patino. O lenei faatulagaga e faigata ai ona faia ni faoa faamalosi ona e le mafai e i latou e ono mauaina ona faatauina sa'o sea palota. O le komiti faatino a le faavae e pulea uma aia tatau palota ma faaiuga a le pulega. O le fausaga e puipuia ai foi aseta i le taimi o feeseeseaiga tau tupe pe ni tagi faaletulafono e le'i mafaufauina. Talu ai ona o le faavae e umia sea o se faalapotopotoga faaletulafono ese, o ou tulaga patino e iai sona aafiaga faatapulaaina i le umiaina faaletulafono a le kamupani. O lenei vavaeesega e faamaonia ai le aoga mo le faasaoina o le tamaoaiga i augatupulaga.Succession and estate planning
E taofia e fa'avae STAK a Holani le vaeluaina o le pule pe a e tu'uina atu le tamaoaiga i suli. E fa'aauau pea ona umia e le fa'avae ni sea o se fa'alapotopotoga e tasi a'o maua e le to'atele o tagata o le aiga ni lisiti teuina e fai ma sui o le taua tau tamaoaiga. E tumau pea lau kamupani i lalo o le pule fa'aletulafono tu'ufa'atasi e tusa lava pe tufatufa atu fa'amanuiaga tau tupe i tagata e manuia ai. E faigofie le fuafuaina o meatotino ona e faigofie ona fesiita'i lisiti teuina nai lo sea moni. E te 'alofia faiga fa'atino fa'atino fa'aletulafono ma fa'atumauina le fa'aauauina o le pulega a le kamupani. E mafai e le komiti fa'afoe a le fa'avae ona fa'atino tulafono fa'atulagaina muamua e ala i mataupu o le mafutaga. O lenei fausaga e ofoina atu le sili atu le le iloa o igoa nai lo sea masani. O i latou e umia lisiti teuina e le aliali mai i resitala a le lautele i le Chamber of Commerce, e le pei o tagata e umia sea tu'usa'o.Governance and control in family businesses
E vavae'ese e le STAK le auai tau tupe mai le pulega o lau pisinisi faaleaiga. E mafai ona e tufatufa atu fa'amanuiaga tau tamaoaiga i tagata o le aiga a'o fa'apotopotoina le pule e faia ai fa'ai'uga ma le komiti fa'afoe a le fa'avae. E taua tele lenei mea pe a leai se poto masani fa'apisinisi a nisi o suli pe leai fo'i se naunauta'iga i le pulega malosi. E puipuia e le fa'avae mai taunuuga o le tete'a i totonu o fa'atulagaga o meatotino a le nu'u. E tumau pea sea i le fa'avae e tusa lava po'o a suiga o le va fealoa'i patino e a'afia ai tagata ta'ito'atasi o le aiga. E mafai fo'i ona e fa'aogaina lenei fausaga fa'apisinisi mo fuafuaga auai a tagata faigaluega. E maua e le aufaigaluega ni sea tau tupe e ala i tupe maua e teu ai tupe e aunoa ma le mauaina o aia tatau e palota ai pe mana'omia ai le fa'alavelave a le notaris mo fefa'ataua'iga ta'itasi. O lenei mea e fa'atumauina ai lau pule a'o tauia tagata faigaluega mo a latou saofaga.Protections provided by STAKs: strengths and vulnerabilities
E ofoina atu e STAK ni puipuiga talafeagai mo tagata e ona pisinisi, aemaise lava mai suiga e le manaʻomia i le pulega a le kamupani ma mo le tausia o le le faalauaiteleina. Peitaʻi, o nei lava foliga puipuia e mafai ona mafua ai ni vaivaiga pe a feteenai manaoga o le manino ma faamanuiaga faalilolilo o le fausaga.Shielding against hostile takeovers
E maua e le STAK se puipuiga lelei faasaga i le faoa faamalosi faaletulafono e ala i le vavaeeseina o le umiaina faaletulafono mai aia tatau tau tamaoaiga. Afai e umia sea a lau kamupani e se STAK, e pulea e le faavae aia tatau palota ae e te taofia pea faamanuiaga tau tupe e ala i tusi faamaonia o sea. O lenei mea e mafua ai se pa puipui e faigata ai mo vaega i fafo ona maua le pulea o lau pisinisi. E aoga le fausaga aua e le mafai e tagata faatau tetee ona na o le faatauina o sea ina ia maua le pulea o palota. E manaomia ona latou feutagai ma le komiti faatino a le STAK, lea e iai le tiute e galue mo le manuia umi o i latou e umia tusi faamaonia. E maua ai e lau pisinisi le taimi e iloilo ai ofo ma tali atu ma le faaeteete. E toatele pisinisi a aiga fa'aaoga fa'apitoa STAKs mo lenei puipuiga. E mafai e le fa'avae ona fa'atumauina le pulega mautu tusa lava pe fesuia'i le pule i le va o augatupulaga pe vaevaeina i le va o tagata o le aiga.Confidentiality and anonymity advantages
STAKs historically provided strong confidentiality for ultimate beneficial owners. The foundation appears as the legal shareholder in company records, whilst certificate holders’ identities remain private.This anonymity attracted both legitimate users seeking privacy and those with less transparent motives. For family offices and entrepreneurs, this confidentiality offers protection from unwanted attention, security risks, and competitive intelligence gathering.Your personal wealth and business interests remain separate from public view. However, this same feature has enabled misuse.That same opacity drew criticism, and it is the reason the transparency rules described below now apply to every Dutch foundation that administers shares.Transparency and the UBO register
Na faʻalauiloa e Netherlands le resitala o le Ultimate Beneficial Owner (UBO) e foia ai atugaluga o le manino aʻo faʻasaoina faʻamanuiaga faʻaletulafono o le fausaga o le STAK. E tatau nei ona e lesitalaina tagata e ona faʻamanuiaga faʻaletulafono o loʻo umia le silia ma le 25% o le aia tau tamaoaiga pe faʻatinoina le pule taua. O lenei manaʻoga na suia ai le tulaga faʻalilolilo o le STAK. E mafai e pulega agavaa ona maua le resitala o le UBO ma, i ni tulaga faʻatapulaʻaina, i vaega e iai se aia tatau faʻaletulafono. O lou faasinomaga o se tagata e ona faʻamanuiaga faʻaletulafono e avea ma vaega o se faʻamaumauga aloaia.Manaʻoga autū mo le resitalaina:- Igoa ma fa'amatalaga fa'afeso'ota'i a ē ona fa'amanuiaga fa'ai'u
- Natura ma le tele o aia aoga o loʻo umia
- Aso na amata ai le umiaina o meatotino aogā
Potential risks, criticisms, and misuse
O loʻo feagai STAKs ma ni fesili matuia e uiga i la latou matafaioi i solitulafono tau tupe ma faiga masani o le pulega o le tamaoaiga e fesiligia. O le fausaga e tosina ai i latou mo le puipuiga faaletulafono o aseta e maua ai foi avanoa e nana ai tupe ma aloese ai mai le suʻesuʻeina.Money laundering and terrorism financing concerns
E mafai e STAK ona natia le pule moni o aseta, lea e faigofie ai ona faʻaaogaina sese. tupe faʻaofi mai tupe ma le faʻatupeina o faiga faatupu faalavelave. O loʻo umia e le faʻavae ni sea aʻo tuʻuina atu tusi faʻamaonia i ē e manuia ai, ma faia ai se vaeluaga i le va o le kamupani moni ma tagata e manuia mai ai. O lenei vaeluaga e faigata ai mo pulega ona suʻe le umiaina o meatotino aoga. E mafai e tagata solitulafono tau tupe ona faʻaliliuina aseta e ala i STAK aʻo faʻatumauina pea le le iloa o latou suafa. O le faʻavae faaletulafono a Holani e manaʻomia ai faʻavae o ofisa faʻatuatuaga e tausia ni faʻamaumauga patino, ae e eseese le faʻamalosia. Ua faʻaalia e leoleo tau tupe faavaomalo popolega e uiga i va o le manino. Atonu e tausisia e lau STAK tulafono a Holani, ae e le faʻamautinoa ai e ausia tulaga faʻavaomalo faigata mo le faʻailoaina o ē e ona meatotino aoga. O loʻo faʻaauau pea ona suʻesuʻeina e pulega e teteʻe i le faʻasolitulafono tupe nei fausaga.Compliance scrutiny and the reputational cost of the structure
Certification has been used to obscure ownership, and that history shapes how the structure is received today. Banks, counterparties and supervisors treat a layered ownership chain as a reason to ask more questions, not fewer, and the burden of answering them falls on you.The consequences are concrete. Opening or keeping a bank account takes longer, because the bank has its own customer due diligence duty under the Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) and must establish who the ultimate beneficial owner is before it can act. The civil-law notary who sets up the foundation carries the same duty and must report unusual transactions to the Financial Intelligence Unit. A buyer conducting due diligence will ask for the administratievoorwaarden, the certificate register and the UBO filing, and will read them closely.None of that makes a STAK suspect. It does mean that a structure with thin documentation, an out-of-date UBO registration or a board that cannot explain how it exercises the voting rights will cost you time and credibility at the moment you need both. Keep the paperwork current and those questions become routine.Disadvantages for shareholders and investors
O i latou e umia tusi faamaonia i totonu o se fausaga STAK e feagai ma ni tulaga le lelei pe a faatusatusa i tagata e umia sea tuusao. O loo ia te oe tusi faamaonia nai lo o sea moni, o lona uiga o au aia tatau e faalagolago atoa i mataupu faavae ma tulafono faatonutonu a le STAK. O le komiti faatino a le faavae e pulea aia tatau palota, ae le o oe. O lenei mea e mafua ai se le paleni o le pule lea e maua ai e i latou e umia tusi faamaonia ni faamanuiaga tau tamaoaiga ae leai se faatosinaga i faaiuga a le kamupani. O tagata e umia tusi faamaonia mo tagata laiti e matua lamatia lava i le le amanaiaina o latou manaoga. Atonu e faatapulaaina lou gafatia e fesiitai ai tusi faamaonia. E mafai e le STAK ona faatulaga tuutuuga i le faatauina atu po o le fesiitaiga o lau tulaga, ma faatapulaaina ai lau tupe maua. Afai e tula'i mai ni feeseeseaiga, o le foiaina o ia mea e mafai ona faigata ona o loo e feagai ma le tulafono faavae nai lo o aia tatau masani a le kamupani e umia ai sea.Tax and reporting: what a STAK does and does not change
A STAK is not a tax structure. It changes who holds legal title to the shares, not who is taxed on the income those shares produce. Dutch tax law looks through the foundation: the shares are held for the account and risk of the certificate holders, so the economic result is attributed to them and not to the STAK. That is the starting point, and it is why a STAK is rarely the answer to a tax question.Fiscal transparency of the foundation
Provided the certification is genuine, the STAK is treated as fiscally transparent and does not itself pay corporate income tax on the shares it administers. Dividends move from the underlying company through the foundation to the certificate holders without an additional layer of tax at foundation level.Transparency is not automatic. It depends on the administratievoorwaarden actually passing the economic interest, including the downside risk, to the certificate holders. A foundation that keeps genuine discretion over whether and to whom it distributes is a different animal and is treated differently.Where you are resident determines what happens after that. Dutch rates, brackets and withholding rules are set each year by the legislature and published by the Belastingdienst, and any treaty relief depends on the treaty between the Netherlands and your country of residence. We do not advise on tax: our work is the corporate and civil law side of the structure, alongside your tax adviser rather than in place of one.Dividend distributions in practice
A dividend is first resolved on by the general meeting of the operating company, and the resolution has no effect until the management board approves it. Article 2:216 of the Dutch Civil Code requires the board to withhold approval if it knows, or ought reasonably to foresee, that the company will be unable to continue paying its debts as they fall due. Directors who approve a distribution that fails that test can be held liable for the resulting shortfall.Only once the company has validly distributed does the STAK come into the picture. The foundation receives the dividend and passes it on to certificate holders in accordance with the administratievoorwaarden. Those conditions should state plainly whether the board may retain funds, on what grounds, and within what period distribution must follow. Silence on that point is the most common source of conflict between a STAK board and the people whose shares it holds.Registration and filing obligations
The STAK must register in the trade register and keep its entry current, including changes of board membership and registered address. It must also register its ultimate beneficial owners and update that registration when the certificate holdings change.A foundation that does not run an enterprise is not required to file annual accounts with the Chamber of Commerce, which is one reason the structure is administratively light. The thresholds that do trigger a filing duty for foundations are set in Book 2 of the Civil Code and are adjusted from time to time, so check the current position rather than assuming the exemption holds.The board must in any event keep records showing the foundation assets, its obligations and the position of each certificate holder. Since the Wet bestuur en toezicht rechtspersonen took effect on 1 July 2021, foundation directors are held to the same standard of proper performance of their duties as company directors, conflicts of interest must be handled under the statutory rule, and a director who fails to keep adequate records runs a personal liability risk. Weak bookkeeping at foundation level is not a minor administrative failing.Comparing STAKs to trusts and other structures
E matuā ese lava STAK mai Anglo-Saxon trusts auā e lē aloaia e le tulafono Holani le manatu o le trust. E vaevaeina e se trust le umiaina faaletulafono ma le umiaina aogā e ala i se mafutaga fa'atuatuaina, ae o le STAK e fa'aogaina se fausaga fa'avae e taofia ai sea ma tu'uina atu tusi fa'amaonia. E masani ona fiafia tagata teu tupe mai fafo i trusts ona o le masani, ae o STAK e tu'uina atu ai se tulaga fa'aletulafono manino i lalo o le tulafono fa'alemalo a Holani. O fa'avae o ofisa trust e fa'agaoioia i lalo o le va'ava'aiga fa'atonutonu e sili atu ona malosi nai lo STAK masani. E tatau ona latou lesitala ma le De Nederlandsche Bank ma usita'ia mana'oga e tete'e ai i le fa'asolitulafono tupe. O lau STAK masani e feagai ma ni avega fa'atonutonu e itiiti ifo ae ofoina atu le vavae'eseina tutusa o aia tatau palota ma aia tau tamaoaiga. O eseesega autu e aofia ai:- Aloaia faaletulafono: E iai le tulaga manino o STAKs i totonu Tulafono a kamupani Holani; e manaʻomia e faʻatuatuaga ni aiaiga faʻapitoa o feagaiga
- avega fa'atonutonu: O faavae o ofisa faatuatuaina e feagai ma le vaavaaiga a faletupe; e le o iai ni STAK masani
- fetuutuunai: E mafai e fa'atuatuaga ona fa'atagaina ni fuafuaga lautele mo le puipuiga o aseta; E taula'i fa'apitoa STAKs i le puleaina o sea
- Totogi lafoga: a STAK is normally fiscally transparent, so the tax position sits with the certificate holders; a trust raises separate residence questions
Limits of legal protection and practical pitfalls
O mataupu faavae ma tuutuuga o lau STAK e fuafua ai le tulaga moni o le puipuiga, ae le na o le fausaga lava ia. O pepa aloaia e le lelei le tusia e tuua ai ni avanoa e mafai ona faaaogaina e tagata aitalafu po o tagata e umia sea laiti. E toatele faalapotopotoga e manatu o la latou STAK e maua ai le puipuiga otometi e aunoa ma le toe iloiloina pe ua faamaumauina lelei aia tatau a tagata e umia tusi faamaonia. O le vaeluaga i le va o aia tatau palota ma le umiaina o le tamaoaiga e aoga pe afai e faatumauina e lau komiti faatino le tutoatasi moni. Afai e mafai e tagata e umia tusi faamaonia ona faatonutonuina faaiuga a le komiti faatino i se auala le aloaia, e ono suʻesuʻeina e faamasinoga le fausaga. E tatau foi ona e mautinoa o loo tumau pea le resitalaina o le UBO, aua o faamaumauga ua tuai e mafua ai ni vaivaiga i le tausisia o tulafono. O mea sese masani e aofia ai:- Le manuia o le fa'afouina tulafono fa'atonutonu pe a suia tulafono faatonutonu
- Tuuina atu o tusi faamaonia e aunoa ma ni tuutuuga manino i tufatufaga ma aia tatau e faatau ai
- I le manatu o le fausaga e puipuia ai mai tagi uma a le au aitalafu
- Le amanaiaina o iloiloga faaletausaga o puipuiga a tagata e umia sea laiti
Le taimi e su'e ai fautuaga fa'aloia
E te tatau ona e feutagai ma se loia a'o le'i fa'atuina lau STAK, ae le o le taimi e tula'i mai ai fa'afitauli. E taua tele fautuaga fa'aletulafono pe a tusia ni mataupu fa'avae, ma fuafua ai aia tatau a le tagata e umia le tusi faamaonia, ma le fa'atulagaina o mana'oga tuto'atasi o le komiti fa'afoe. E mana'omia fa'apitoa e tagata teu tupe mai fafo ni ta'iala i le auala e fegalegaleai ai fausaga STAK a Holani ma lafoga ma faiga fa'aletulafono a latou atunu'u. Saili vave se iloiloga fa'aletulafono pe afai e te fuafua e sui le fa'amoemoega o lau STAK, suia aia tatau a i latou e umia tusi fa'amaonia, pe feagai ma feeseesea'iga i le va o le komiti fa'afoe ma i latou e umia tusi fa'amaonia. E te mana'omia fo'i ni sao fa'apolofesa pe a suia ta'iala o le pulega fa'apisinisi pe fa'amalosia mana'oga fou o le resitalaina o le UBO. O iloiloga fa'aletulafono masani i tausaga ta'i lua i le tolu e fesoasoani e fa'ailoa ai vaivaiga a'o le'i avea ma fa'afitauli taugata. E tatau i faufautua lafoga ona galulue fa'atasi ma lau 'au fa'aletulafono e fa'amautinoa ai o lo'o tumau pea le lelei o lafoga o lau fausaga a'o fa'ataunu'uina uma noataga tau tulafono.Soo fesili
O a eseesega i le va o STAK ma tusi faamaonia masani o sea e tusa ai ma le puipuiga o aseta?
Traditional share certificates combine legal ownership with economic rights in one document. You hold both control and financial benefits when you own shares directly. STAKs split these elements completely. The foundation holds legal ownership of shares whilst you receive depositary receipts representing only economic interests. You get dividend payments and value appreciation, but voting rights stay with the foundation board . This separation provides specific protections. Certification does not put the value beyond the reach of a divorce. Depositary receipts are assets like any other and fall into the matrimonial community, or into the settlement under prenuptial conditions, in the same way shares would. What certification protects is control: the voting rights stay with the foundation, so a divorcing spouse cannot end up voting in the company. The structure also shields companies from hostile takeovers since voting control stays centralised. However, this protection has limits. You lose direct control over company decisions. The foundation board exercises all voting rights according to articles of association and management agreements.
E faʻapefea ona taulaʻi le faiga o tulafono faʻalemalo a Holani i le faʻamalosia o aia tatau mo i latou e umia le STAK?
Dutch civil law treats depositary receipt holders differently from shareholders. You cannot access the same statutory rights that company law grants to direct shareholders, but you are not left without statutory protection. Certificates issued with the cooperation of the company carry meeting rights under Book 2 of the Civil Code, and their holders have standing in inquiry proceedings before the Enterprise Chamber. Beyond that, your rights come from the certification conditions agreed with the STAK foundation. These agreements specify how the foundation distributes dividends, handles transfers, and manages your economic interests. The foundation’s articles of association determine what information you receive and how decisions affect your receipts. Enforcement usually follows contract law, although the statutory remedies of Book 2 remain open where the certificates were issued with the cooperation of the company. You must rely on the terms negotiated in your agreements with the foundation. Courts will examine these contracts to determine your rights rather than applying standard shareholder protections. The foundation board owes you a duty of proper management. They must act in accordance with the foundation’s stated purpose and manage shares for your account and risk.
O a ni fuafuaga ua fa'atinoina e fa'amautinoa ai le manino ma le tali atu i le fa'agaioiga o STAK i Netherlands?
E tatau i fa'avae o le STAK ona fa'amatalaina lo latou fa'amoemoega i lalo o le tulafono a Holani. O lenei fa'amoemoega e aofia ai le puleaina o sea mo le manuia o ē e umia lisiti teuina. E tatau i mataupu fa'avae o le fa'alapotopotoga ona fa'amaumauina tiutetauave tau pulega ma le tufatufaina o aia tatau. O le manino e fa'alagolago tele lava i maliega fa'akonekarate. O le fa'avae e fuafua po'o a fa'amatalaga tau tupe ma fa'afouga a le kamupani e te mauaina. O nei fa'atulagaga e matua'i eseese lava i le va o fausaga eseese o le STAK. O ē e umia lisiti teuina e le o aliali mai i resitala a tagata lautele e umia sea. O lenei mea e maua ai le le iloa o tagata pe a fa'atusatusa i le umiaina tu'usa'o o sea. Peita'i, o lenei lava foliga e mafai ona fa'aitiitia ai le manino e uiga i ē e umia aia tau tamaoaiga. O le komiti fa'avae e faia fa'ai'uga e uiga i le fa'atinoina o aia tatau a ē e umia sea. Latou te pulea le tafe o fa'amatalaga i le va o le kamupani ma ē e umia lisiti teuina. O lau avanoa i fa'amatalaga a le kamupani e fa'alagolago i mea e filifili e le fa'avae e fa'asoa.
E mafai e ē maua aogā mai le STAK ona fa'atinoina se faatosinaga i le pulega o le kamupani, ma o a ni fa'atapula'aga e ono fa'atatau i ai?
E le mafai ona e fa'atinoina se faatosinaga tuusa'o i le pulega a le kamupani i le avea ai ma se tagata e umia lisiti teuina. O aia tatau palota e patino i le fa'avae STAK, ae le o oe. O le komiti fa'avae e filifili pe fa'apefea ona palota i mataupu uma a tagata e umia sea. Latou te fuafuaina le fuafuaga a le kamupani, fa'amaonia fefa'ataua'iga tetele, ma tofia faatonu. O lou aia tatau tau tamaoaiga e le tu'uina atu ai ia te oe le auai i nei fa'ai'uga. O nisi fa'atulagaga a le STAK e fa'atagaina ai se faatosinaga fa'atapula'a. Atonu e mana'omia e mataupu fa'avae o le fa'alapotopotoga le fa'avae e feutagai ma tagata e umia lisiti teuina i mataupu patino. O nisi maliega e tu'uina atu ai aia tatau palota i mataupu patino e pei o fa'atauga a le kamupani po'o suiga tetele. O nisi taimi e auauna atu ai tagata o le aiga i le komiti fa'avae STAK e fa'atumauina le faatosinaga i aseta autu. O lenei fa'atulagaga e mafai ai e aiga ona taofia le pule a'o fa'atulagaina le umiaina mo fa'amoemoega o le fuafuaina o meatotino. Peita'i, o tulaga o le komiti fa'avae e ese mai aia tatau tuusa'o a tagata e umia sea.
O a tulaga e ono lē mafai ai e STAK ona tuʻuina atu le tulaga saogalemu e pei ona faʻamoemoeina mo tagata teu tupe?
E mafai e fausaga o le STAK ona faigata ai mataupu e aunoa ma se manaʻoga. O le faʻaopoopoga o le faʻalapotopotoga faaletulafono e mafua ai tau mo le faʻavaeina ma le pulega faifai pea. O nei tupe faʻaalu e ono sili atu nai lo faʻamanuiaga mo tulaga faigofie o le umiaina. O fefaʻatauaʻiga faavaomalo e iai ni luʻitau tetele. O le tele o atunuu e le o iloa fausaga o le STAK pe malamalama i le vaeluaga i le va o le umiaina faaletulafono ma le umiaina faaletamaoaiga. O lenei le masani ai e faʻalavelaveina ai le tuʻufaʻatasia, mauaina, ma le galulue faʻatasi i le va o tuaoi. O tupe maua teuina e ono faʻaitiitia ai le tau o le kamupani i le taimi o faʻatauga. E masani ona fiafia tagata faʻatau e ono umiaina sea tuʻusaʻo nai lo le feagai ai ma fausaga faavae. O le toe liua o tupe maua i sea e manaʻomia ai ni laʻasaga faʻaopoopo ma tau. Atonu e faia e le komiti faʻavae se gaioiga e faʻasaga i ou manaʻoga. E ui o loʻo ia i latou tiute tau pulega, ae o la latou faʻamatalaga o na tiute atonu e ese mai ou faʻamoemoega. O le faʻamalosia o konekarate e naʻo le pau lea o lau fofo pe a tulaʻi mai ni feeseeseaiga. E le ofoina atu e le STAK se puipuiga pe afai e le manuia le kamupani autu. O lou manaʻoga tau tamaoaiga e faʻalagolago atoa i le faʻatinoga a le kamupani. E le mafai e le fausaga ona puipuia oe mai gau o pisinisi poʻo faʻaiuga leaga a le pulega.
E faʻapefea ona puipuia e tulafono faʻa-Holani mai le faʻaaogaina sese o fausaga STAK mo faʻamoemoega taufaasese?
E manaʻomia e le tulafono a Holani ia faʻagaoioia faʻavae e tusa ai ma le latou faʻamoemoega ua taʻua. E tatau i faʻavae a le STAK ona pulea sea mo teugatupe ma lamatiaga a ē o loʻo umia lisiti teuina. O le alu ese mai lenei faʻamoemoega e solia ai manaʻoga faʻaletulafono faavae. O le komiti faʻavae e feagai ma tiute faʻaletulafono i lalo o le tulafono faʻalemalo a Holani. E tatau i sui o le komiti faʻafoe ona galulue lelei i le puleaina o aseta faʻavae. E le mafai ona latou faʻaaogaina o latou tulaga e manuia ai i latou lava i le tau o ē o loʻo umia lisiti teuina. E le feagai STAKs ma le vaʻavaʻaiga faʻatonutonu tutusa e pei o kamupani lautele. E leai se ofisa a le malo e mataʻituina galuega faʻavae seʻi vagana ua iai ni soliga faʻapitoa. O le le iloa o igoa e tuʻuina atu e STAKs e mafai ona faʻafaigofie ai le faʻaaogaina sese. E le aliali mai ē o loʻo umia lisiti teuina i resitala a le lautele, ma faʻaitiitia ai le manino o fausaga o le umiaina. O lenei foliga e puipuia ai le le faalauaiteleina e faʻapogisaina ai foʻi le umiaina o meatotino aoga. O le tulafono o konekarate e tuʻuina atu ai lau puipuiga autu. O maliega e pulea ai au lisiti teuina e tatau ona faʻamaoti mai ai matafaioi a le faʻavae. E manaʻomia oe e le faʻamalosia e faʻailoa soliga ma faia ni gaioiga faʻaletulafono i lalo o na konekarate.
