What are share transfer restrictions?

The articles of association can contain a provision which says that a shareholder, who intends to sell his shares, first has to offer his shares to the other shareholders or that he first needs approval of the other shareholders. If he does not get the approval, one or more of the other shareholders will need to buy his shares. If there are no shareholders willing to purchase his shares, he can sell his shares to a third party. The share transfer restriction safeguards the private character of the BV.
 

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