Generally articles contain the details provisions as regards the procedure for transfer of share. Usually following steps shall be followed by a private company to give effect to the transfer of shares: a) Transferor should give notice in writing for his/her intention to transfer his/her share to the company. b) The company in turn should notify to the members as regards the availability of shares and the price at which such share should be available to them. c) Such price is generally determined by the director or the auditors of the company. d) The company should also intimate to the members, the time limit with in which they should communicate their option to purchase shares on transfer.
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