Atlas · Joint-stock companies
The maximum contractual penalty for shareholder default is 10% of the payment amount
AnswerA shareholder who fails to pay for the shares under the conditions set out in the bylaws, subscription bulletin or call is in default and subject to a penalty not exceeding 10% of the amount due.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Quem | Critério | Consequência | Fonte | Data do dado |
|---|---|---|---|---|
| Acionista em mora | Atraso no pagamento das ações conforme estatuto, boletim ou chamada | Multa contratual | Lei 6.404/1976, art. 106, § 2.º | 15/12/1976 |
| Multa contratual | Mora na integralização das ações | Limite máximo de 10% do valor da prestação | Lei 6.404/1976, art. 106, § 2.º | 15/12/1976 |
Data consulted on 02/10/2026.
Basis
- Law No. 6.404/1976, compiled (Planalto, in Portuguese): art. 106, § 2º, establishes the default status of the delinquent shareholder and sets the penalty ceiling.
- Law No. 6.385/1976 (Planalto, in Portuguese): deals with the securities market and CVM’s supervisory powers.
How it applies
A shareholder who fails to make the payment for the shares within the deadline set by the bylaws, subscription bulletin, or public call (when the bylaws are silent) automatically falls into default. In addition to paying the principal amount, the shareholder must bear interest, monetary correction, and the penalty defined in the bylaws, which cannot exceed the legal ceiling of 10% of the overdue amount.
Limits
- The note refers strictly to the penalty for default in share integration under the Companies Law (Law 6.404/1976).
- It does not cover enforcement or share sale procedures on the stock exchange, provided for in art. 107 of the same law, nor administrative penalties imposed by the CVM.
- Any legislative changes after the revision date should be verified directly at the official source (Planalto).