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Article (119)

The shares and the interim certificates may be traded, and the company may purchase its shares in the cases and in accordance with the rules decreed by the Minister of Commerce and Industry.

The disposal of the shares shall be effective against the company or third parties only upon the registration thereof in the relevant register.

Trading in the shares shall be effected in pursuance of the provisions of the law of the Bahrain Stock Exchange and the internal regulation of the market. The purchaser must be a Bahraini national. However, non-Bahrainis may own and trade in shares of the Bahraini joint stock companies in accordance with the provisions of this law and with the rules and the conditions and the percentages decreed by the Minister of Commerce and Industry, except for the companies excluded by a Ministerial decree.

The company may suspend the registration of the shares transfer during the period between the date of the call for a general assembly meeting and the date of this meeting.

The company may refuse to register the disposal of the shares in the following cases:

i— If the shares are mortgaged or distrained by a court order.
ii— If the shares or the interim certificates are lost and no other shares or certificates are given in lieu thereof.
iii— If dealing in the shares or the title transfer is in contravention of the provisions of law or of the rules, the conditions and the percentages decreed by the Minister of Commerce and Industry or of the company's articles of association.
iv— If the value of the shares has not been fully paid to the company or if the company claims a debt thereon.