Commercial Companies Law

Commercial Companies Law — Article 251

Any shareholder who intends to purchase, shall inform the manager of the company who sent the notice to him/her, in writing of his/her intention to purchase the offered shares or any number thereof, with all the terms set forth in the notice, and deposit the full price of the shares he / she intends to purchase within forty five (45) days of the date the manager of the company has been notified of the intention to dispose of the shares. If the period mentioned in the preceding paragraph has expired without any intent to exercise the pre-emptive right to purchase the shares is received by the manager of the company from any shareholder, the shareholder who owns the offered shares shall be free to dispose of the shares to the intended person named in the notice.

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