Article 508 — Transfer of Shares

1/ Any transfer of shares shall be made in writing; Transfer of shares shall be of no effect in relation to third parties unless it has been entered in the share register. 2/ Unless otherwise provided in the memorandum of association, there shall be no restriction on the transfer of shares among members. 3/ A member shall, prior to disposing of his share to a person outside the company, reveal the price offered to him and give the right of first refusal to the other members to purchase the share at the price offered to him and under the same conditions. 4/ Where any of the shareholders does not accept the offer made by the member within 15 (fifteen) days from receipt of the notice under Sub-Article (3) of this Article by the general manager, the member may accept the offer made to him by the person outside the company