Only companies with legal personality can issue Friends shares:

• SA (NV)
• LLC (BV)
• CS (CV)
• European (cooperative) society
• European economic cooperation
• Agricultural companies (under General Partnership or CommV)
• General Partnership (VOF)
• CommV

Cannot act as issuer:

• a natural person
• a partnership
• a non-profit organisation
• a (private) foundation (of public benefit)
• a de facto association