A notarial form is mandatory for UAB Share purchase and sale contracts

From 1st of January 2018 year amendments to the Civil Code of the Republic of Lithuania came into force, providing for a mandatory notarial form of transactions. According to Article 1.74, Part 1, Clause 3 of the Civil Code of the Republic of Lithuania UAB share purchase and sale agreements must be concluded in notarial form when is sold 25 percent or more UAB shares or the selling price of the shares is higher than 14500 euros.
Contracts for the purchase and sale of UAB shares can be concluded in simple written form only when are sold up to 25% of UAB shares or the sale price of shares is less than 14500 euros.
Non-compliance with the form of the transaction makes such a transaction invalid (Article 1.93, Part 3 of the Civil Code) and the following consequences apply to it (Article 1.80, Part 2 of the Civil Code): when the transaction is invalid, one of its parties must return to the other party to the transaction everything that is received according to the transaction (restitution), and when it is not possible to return what has been received in kind, to compensate its value in money, if the law does not provide for other consequences of invalidity of the transaction.