1. The ownership of the shares of a Private Joint Stock Company may not be transferred before the publication of the balance sheet and the profit and loss account for at least one fiscal year, commencing from the date of registration of the Company in the Trade Register maintained by the Competent Authority. The provisions of this Article shall apply in the event of a capital increase prior to the expiration of the restriction period. 2. During the restriction period, such shares may be pledged or their ownership transferred by sale from one shareholder to another, or from the heirs of a shareholder in the event of their death to a third party, or from the bankruptcy estate of the shareholder to a third party, or pursuant to a final court judgment. 3. The Minister may issue a decision to amend the restriction period referred to in Clause (1) of this Article or to grant an exemption therefrom. 4. A private joint stock company that offers its securities through a private placement and is listed on one of the securities exchanges in the State shall be exempt from the restriction period referred to in Clause (1) of this Article.
Interpretation and application must be checked against the official text and current version.