Article 23 - Transfer of Shares requires QFC Authority Non-objection

(1) The articles of association of an Investment Club must provide that no transfer of Shares in the Investment Club shall take effect until the transfer has been approved by a Special Resolution, or (if the articles of association so provide) an Ordinary Resolution, and the QFC Authority has confirmed in writing that it does not object to the transfer or is deemed to not object to the transfer.
(2) An Investment Club may refuse to register the transfer of a Share to a person or entity which is not an existing Member and which has been approved by a Special Resolution or Ordinary Resolution in accordance with Article 23(1) if the transfer contravenes these Regulations, the Rules or the articles of association of the Investment Club. If an Investment Club refuses to register a transfer of Shares, the Investment Club shall promptly send to the transferor and transferee a notice of the refusal.
(3) If a transfer of Shares of an Investment Club ("Share Transfer") has been approved by a Special Resolution or an Ordinary Resolution in accordance with Article 23(1), the Investment Club must notify the QFC Authority. The QFC Authority shall within 30 days of the notification of Share Transfer advise the Investment Club if the QFC Authority objects to the Share Transfer. If the QFC Authority has not so objected within 30 days of the receipt of the notice of the Share Transfer, the QFC Authority shall be deemed to have no objection.
(4) An Investment Club must not register a Share Transfer before such time as the QFC Authority has confirmed or is deemed to have confirmed that the QFC Authority does not object to the transfer.
Derived (as from 20th December 2016).