Article 24 - Transfer of Shares

(1) The Shares of any Member of an LLC shall be transferable in such manner as may be provided by the articles of association of the LLC.
(2) Subject to Article 24(6), notwithstanding the provisions of its articles of association, an LLC shall not register a transfer of Shares in the LLC unless a written instrument of transfer is duly executed by the transferor and all outstanding sums relating to the transferring shares, if any, have been paid by the transferor to the LLC. For the purposes of trading, an LLC (Public) may allow the transfer of Shares to be made electronically or any other manner permitted by the QFMA, QSE, the relevant exchange or regulator, such transfer shall be sufficient to transfer title in the Shares if registered by the LLC (Public).
(3) Nothing in this Article 24 shall prejudice the power of an LLC to register as a Member any person to whom the right to any Shares of the LLC has been transmitted by operation of law.
(4) A transfer of any Share of a deceased Member of an LLC made by his personal representative, although the personal representative is not himself a Member of the LLC, is as valid as if he had been a Member at the time of the execution of the instrument of transfer.
(5) If an LLC refuses to register a transfer of Shares, the LLC shall, within 21 days after the date on which the transfer was delivered to the LLC, send to the transferor and transferee notice of the refusal.
(6) Article 24(2) does not apply when a transfer of shares is undertaken in accordance with rules made by the QFC Authority.
Amended (as from 5th April 2015).