With regard to authorized electronic signatures, Section 4, Paragraph 9 of the Hungarian Company Act stipulates that "Upon the request of the company, the company register also contains the certificate of the electronic copy of specimen signature of the person authorized to sign on behalf of the company, issued in compliance with the relevant legislation. Electronic signatures with a certificate registered in the company register qualify as authorized signatures." This provision entered into force on 1 September 2007 and has not been amended since then, which may explain the difficulties relating to the interpretation of the law as detailed below. The provision referred to above does not specify any requirements for the certificate of electronic signature or its content. Although the law refers to external legislation, there is no definition available for the electronic copy of specimen signature in the current legislation. Nevertheless, regardless of the obvious grammatical contradictions, the practice of the Courts shows it is commonly accepted that the certificate of electronic signature can be considered as the electronic equivalent of the copy of specimen signature. The currently effective company register contains electronic signatures registered in relation to specific companies, where no company data were indicated in the certificate. However, given that the certificate of electronic signature has been entered in the company register, in our opinion the electronic signature applied based on this certificate can be considered as authorized signature (e.g. : Trustchain Systems Ltd.).

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