Running discussion on SP, page-71796

Google Translate:

Article 765:

http://www.actualitesdroitohada.com/legislation/acte-uniforme-relatif-au-droit-des-societes-commerciales-et-du-groupement-d-interet-economique/articles-748-a-778-15---valeurs-mobilieres-et-autres-titres-emis-par-les-societes-anonymes---dispositions-relatives-aux-actions/article-765

"Notwithstanding the principle of free transferability set out in Article 764 above, the articles of association or agreements mentioned in Article 2-1 above may stipulate certain limitations to the transfer of shares under the conditions provided for in Articles 765- 1 to 771-3 below. Limitations on the transmission of shares cannot operate in the event of succession, liquidation of community of property between spouses, or transfer either to a spouse or to an ascendant or a descendant."

Article 765-1:

http://www.actualitesdroitohada.com/legislation/acte-uniforme-relatif-au-droit-des-societes-commerciales-et-du-groupement-d-interet-economique/articles-748-a-778-15---valeurs-mobilieres-et-autres-titres-emis-par-les-societes-anonymes---dispositions-relatives-aux-actions/article-765-1

"The inalienability clauses affecting shares are only valid if they provide for a prohibition of a period less than or equal to ten (10) years and if they are justified by a serious and legitimate reason."

Article 771-2:

http://www.actualitesdroitohada.com/legislation/acte-uniforme-relatif-au-droit-des-societes-commerciales-et-du-groupement-d-interet-economique/articles-748-a-778-15---valeurs-mobilieres-et-autres-titres-emis-par-les-societes-anonymes---dispositions-relatives-aux-actions/article-771-2

"It may be stipulated in the articles of association or the agreements of article 2-1 above that the shareholder who intends to transfer all or part of his shares is required to notify one or more other shareholders, who may inform the assignor that they exercise a right of pre-emption at the prices and conditions which have been notified to it."

Article 771-3:

http://www.actualitesdroitohada.com/legislation/acte-uniforme-relatif-au-droit-des-societes-commerciales-et-du-groupement-d-interet-economique/articles-748-a-778-15---valeurs-mobilieres-et-autres-titres-emis-par-les-societes-anonymes---dispositions-relatives-aux-actions/article-771-3

"In the event that a pre-emption clause is stipulated in the articles of association, any transfer of shares carried out in violation of the pre-emption right is void.

In the event that a preemption clause is stipulated in the agreements of article 2-1 above, any transfer of shares carried out in violation of the right of preemption is void when it is demonstrated that one of the beneficiaries was aware of it or could not be unaware of its existence."

Conclusion:

COMINIERE violated Article 773-1 of the OHADA corporate law when it sold 15% of Dathcom to Jin Cheng. This sale was void by corporate law because AVZ was aware of its pre-emptive right to purchase the 15% from COMINIERE.

DYOR. IMO