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Right of approval (See Chapter 40 of the Vernimmen)
The right of approval, written into a company's articles of association, enables a company to avoid "undesirable" shareholders. The right of approval clause requires every partner to obtain the approval of the company prior to selling any shares. The company must render its decision within a specified time period. If no decision is rendered, approval is deemed to be granted.
Right of approval (See Chapter 40 of the Vernimmen)
The right of approval, written into a company's articles of association, enables a company to avoid "undesirable" shareholders. The right of approval clause requires every partner to obtain the approval of the company prior to selling any shares. The company must render its decision within a specified time period. If no decision is rendered, approval is deemed to be granted.
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