The transfer of shares is generally subject to prior authorisation by the relevant authority in the areas of continental or free zones. Some activities also require special permissions, such as health. For both continental companies and some free zone companies, the transfer of shares is only made after the granting of an updated licence by the receiving authority. However, in some free zones, registration with the competent authority is only a formality. In addition, pawned shares cannot be misappropriated by the shareholder without the prior consent of the pledge. Shares may be freely transferred, unless the statutes provide for the issuance of limited shares and/or stock options granted to certain shareholders. The transfer of shares requires declarations and payment of commissions (see question 31), but the transfer of assets would depend on the nature of the asset being transferred (some require registration, such as the country, others not like most assets). The final step is to provide the DED with the (duly certified) sale of an equity agreement, as well as other relevant documents, in order to obtain a first admission. After receiving the first authorization, an advertisement is published in the local newspaper for 30 days and after payment of the necessary fees; DED will issue the amended license. Share transfer documents are required and must be approved (if applicable) by MOICT and CBB.

The interests of the affiliation may in principle be transferred by written agreements between members or third parties, unless there is another provision of the enterprise contract or (ii) the enterprise agreement requires the agreement of some or all members for any transfer of affiliate interests. There are no regulatory restrictions on the portability of actions, except for certain sectors and/or as required by cartel and abuse legislation. Restrictions may also be included in the company`s by-statutes (except in public authorities) and/or in shareholder agreements. The most common way to acquire a private business is to buy shares. The purchase of a facility exists, but it is less frequent because it is not regulated and is not automatically transmitted by the saturation of the company. A private company can also be acquired through a legal merger, although this is not very common. As a general rule, shares can be transferred by written agreement between shareholders. The entity`s agreement is not necessary unless transfers of restriction have been agreed in advance or, in some cases, compliance with existing securities laws is confirmed. This provision applies to the granting of guarantees by the objective of its bond hedging assets granted to the seller to finance the acquisition of shares in the target share. Shares are usually freely transferred. The charter of PJSC, with a number of shareholders that does not exceed 100 shareholders, may provide for the right of pre-emption to acquire shares of other shareholders. In principle, the transfer of shares is subject to the right of refusal and approval of the board of directors.

They can be changed in the statutes, as actions can continue to be freely transferable.