1. Title to Company's shares that are not listed on the financial markets shall be transferred by recording the transfer in a register held by the Company, and the same shall be annotated on the share certificate. The transfer shall become effective vis-à-vis the Company and third parties only of the date of being recorded in such register. 2. However, the Company may refrain from recording any share transfer transaction in the following cases: a. If such transfer is made in violation of the provisions of this Decree Law or its implementing resolutions or the AOA of the Company; b. If the shares are pledged or attached by a court order; c. If the share certificate has been lost and no shares have been issued by the company; d. If the Company has any outstanding debt on the shares, the Company may suspend the registration of share transfer unless its debt has been settled; and e. If any of the contracting parties is lacking legal capacity, is incapacitated or has been declared bankrupt or insolvent.
Interpretation and application must be checked against the official text and current version.