Article (235)
Except for the companies listed on the Bahrain Stock Exchange, the articles of association of a closed joint-stock company shall not restrict the shareholder's right to dispose of his shares by containing one or all of the following restrictions:
a— The stipulation that preference shall be given to the company's shareholders to purchase the shares the owner of which wishes to sell.
b— The stipulation that the board of directors shall approve the buyer of the shares.
Excluded from these two restrictions shall be the disposal of shares among shareholders, spouses, ascendants and descendants.
If the company's articles of association include any of these two restrictions, the company shall not be listed on the Bahrain Stock Exchange.