The pre-emptive right shall not apply to the purchase of shares which are transferred by inheritance or will. If the shares are transferred by inheritance or will to more than one person and such transfer results in the increase of the number of shareholders above the maximum limit provided for in Article 234 of this Law, the approval of the Minister of such transfer must be obtained, failing which, the shares of all the heirs and legatees shall be considered a joint ownership unless they agree to the transfer of the shares to a number of them, so that the number of the shareholders will remain within the prescribed maximum number.
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