Housing companies sometimes make various changes related to the company, the apartments or other premises, in which case the groups of shares in the housing company may also be changed. A group of shares (e.g. 1–100) refers to the shares entitling to the control of a specific apartment.
When the articles of association are amended, completely new group of shares may be created in the housing company, or the existing group of shares may be changed or discontinued. Groups of shares may be created or discontinued when apartments are divided or merged, for example.
Housing companies are obligated to notify the Finnish Patent and Registration Office (in Finnish) of any changes to the articles of association. The changes will not take effect until they have been registered in the Trade Register.
Changed information must be updated in the Residential and Commercial Property Information System
When groups of shares are changed due to an amendment of the articles of association, information about ownership, restrictions and pledges must be allocated to the groups of shares created as a result of the amendment of the articles of association.
The apartments affected by the amendment to the articles of association must have electronic ownership entries in the Residential and Commercial Property Information System. Using paper share certificates for apartments is only possible in the case of a merger, division or demolition to make way for new construction.
If an apartment is subject to a restriction or pledge, consent of the pledgee or right holder must be obtained before the amendment. The consent must be obtained by the housing company or the owner of the apartment, depending on based on whose initiative the amendment to the articles of association is made. The consent must be obtained before the annual general meeting at which a decision on the amendment of the articles of association is to be made.
The amendment to the articles of association will remain in the printout for the apartment and the list of shares until the information about ownership, pledges and restrictions has been updated in the changed groups of shares.
If the administrative information for the housing company has already been entered into the Residential and Commercial Property Information System, the administrative information must also be allocated to the groups of shares created due to the amendment of the articles of association.
Amendment of articles of association in connection with a transaction or other change of ownership
New ownership or a new bank pledge cannot be registered in the Residential and Commercial Property Information System until the situation arising due to the amendment of the articles of association has been updated in the Residential and Commercial Property Information System.
The transaction or change of ownership should not be completed until after the amendment to the articles of association has been updated in the Residential and Commercial Property Information System.
Who must report the changed information to the Residential and Commercial Property Information System? In which situations must the information be reported?
Check below who is responsible for submitting the information and read the detailed instructions on how to submit the information. The updating of the information is subject to a fee.
The board of directors of the housing company must submit information about owners, pledges and restrictions in the case of:
- A share issue
- A merger
- A division
- Demolition to make way for new construction
The owner of the apartment must apply for the assignment of ownership, pledge or restriction when:
- The numbering of the shares is changed
- An apartment is divided or apartments are merged
- The type of the object being controlled is changed (apartment, parking space or other space)
- Shares are transferred between buildings
- Shares are transferred to or removed from part-time control
- An apartment’s purpose of use is changed
- The surface area is changed (except if the change is due to a control measurements having been taken)
- An apartment loses a parking space or other space
- The floor or stairwell in which an apartment is located is changed
If the apartment is subject to any pledges or restrictions, the application must be accompanied by the consent of the bank or other right holder.
When a limited liability company is changed to a housing company or mutual real estate company
If a limited liability company changes its legal form to a housing company or a mutual real estate company, the housing company must transfer its list of shares (in Finnish) to the Residential and Commercial Property Information System. The housing company must transfer the list of shares to the Residential and Commercial Property Information System as soon as the change of company form has been registered in the Trade Register.
The housing company must also submit the housing company’s administrative information to the Residential and Commercial Property Information System.
Once the list of shares has been entered in the Residential and Commercial Property Information System, the owner of the apartment must apply for the registration of their ownership .
Read more on the website of the Finnish Patent and Registration Office:
- Changing a limited liability company into a housing company
- Changing a limited liability company into a mutual real estate company
How will the amendments to the articles of association appear in the Residential and Commercial Property Information System?
In the printouts, the amendment to the articles of association will be visible for those groups of shares that are affected by the amendment and whose information has not yet been updated in the Residential and Commercial Property Information System.
A new group of shares
- The following note will be displayed: “The group of shares was created due to an amendment of the articles of association on dd.mm.yyyy. The information in the Residential and Commercial Property Information System is not up to date.”
- Missing owner information
- The form of the group of shares will be “electronic registration” or “unspecified”.
A discontinued group of shares
- The following note will be displayed: “The group of shares was discontinued due to an amendment of the articles of association on dd.mm.yyyy. The information in the Residential and Commercial Property Information System is not up to date.”
- The entry will be deleted once the information has been updated in the Residential and Commercial Property Information System.