Article 238 of Companies Law

Except for companies listed on the stock exchange, the constitutive contract of a closed shareholding company may restrict a shareholder's right to dispose of his shares by the following two restrictions or either of them: 1 - Stipulating a priority right for shareholders in the company to purchase shares that their owner wishes to sell. 2 - Stipulating approval by the board of directors of the purchaser of the shares. The dispositions referred to in Article 172 of this Law shall be excepted from these two restrictions. If the company's constitutive contract includes either of these two restrictions, the company shall not be listed on the stock exchange.