Kuwait Court of Cassation principle number 1525

The general rule is that shares of joint-stock companies are traded by commercial methods without following assignment-of-right procedures. A shareholder's transfer of his shares to another. Effected by mere agreement. Effect thereof. Cessation of his status as a shareholder in the company and substitution of the transferee for him in all his rights and duties. Invoking the transfer against the company. Its condition. - Once the transfer is completed in compliance with its conditions, there is no basis for the company's approval or obtaining a licence.