Securities are written certificates by which their issuer assumes a duty to fulfill the obligation inscribed in such certificate to its legal owner.

Securities must contain the following essential constitutive elements:

  • designation as to the kind of securities
  • indication of the firm, or name and registered office and/or name and domicile of the issuer of securities
  • indication of the firm or title, or name of the person to whom, or at whose order, securities are made out, or a designation that securities are made out to its bearer
  • exact designation of the obligation of the issuer resulting from the securities
  • indication of the place and date of issue of the securities, and in case of securities issued in series, their serial number
  • signature of the issuer of the securities, or the facsimile of signature of the issuer of securities issued in series.

For some kinds of securities other essential constitutive elements may also be determined by particular law. Continue reading Securities