Assignment of shares shall be possible only under the following conditions:
- the articles may provide for the assignment of shares to a third party foreign to the cooperative with a board of directors, either free of charge, or against payment, provided that this third party shares the common bond on the basis of which the members are together. Such assignment shall be submitted to approval of the ordinary general meeting of the members;
- Assignment of shares cannot be carried out in the event of succession, liquidation of community property between spouses, or assignment either to a spouse, an ascendant or a descendant, when the beneficiary of the shares has the common bond on the basis of which the members are united.
Otherwise, the shares shall be reimbursed to the persons concerned, in proportion to their par value.
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 93
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 380 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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