Founders in the public joint stock company shall not dispose of their shares before the company has published two balance sheets for two (2) consecutive financial years from the date of its registration. The period of restriction on disposal may be extended for a further period of one year by a decision of the Authority, provided that such restriction shall not prejudice the right of the founders to make a second charge over such shares. However, assignment of shares owned by the State, assignment of shares amongst the founders themselves and the cases of inheritance, shall be exempt from the aforementioned provision. A public joint stock company that is established by way of conversion of an existing company shall also be exempt, provided that it shall complete two (2) years at least of the date of its conversion.
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