| Commentary

119.1 The transfer notice

| Commentary

119 A typical pre-emption procedure

119.1 The transfer notice

In most cases, the first stage is for the shareholder wishing to transfer its shares to notify the board of directors of his desire to do so. This notice is often referred to as a ‘transfer notice’.

So far we have been assuming that the transfer of the shares results from a voluntary decision of the outgoing shareholder. In some cases, the shareholders may wish to be able to force one of their number to initiate the pre-emption procedure in respect of its shares. This might be as a stage in

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