Article 240 of Companies Law

Without prejudice to the provisions governing the company's purchase of its shares, if the memorandum of association of a closed joint-stock company stipulates that the purchaser of shares must be approved by the board of directors, the board shall, if it rejects the person of the purchaser, purchase the shares the company's account within ten days from the date on which the board is notified of the request for approval. In this case, the purchase shall be at the price at which the shareholder agreed to sell his shares. 1510 Law Index Home Page Companies Law Law No. 1 of 2016 Promulgating the Companies Law