The basic requirement imposed by stock exchange legislation and regulations is that a company may only exercise any provisions in its articles of association for transfers of shares to require approval by the board of directors, restrictions on share ownership or other restrictions on the negotiability of shares to the extent that there is sufficient cause to restrict negotiability and that such restriction will not cause disturbances in the market. The Code of Practice is stricter than this, and requires that the company’s articles of association are free of any form of restriction on the negotiability of its shares.
|Shares may change owners by transfer or in some other way unless otherwise provided for by law, the company’s articles of association or an agreement between the shareholders, cf. Asal. § 4-15. If the articles of association contain provisions on a requirement for consent to a change of ownership or pre-emption rights for other shareholders, change of ownership is subject to the rules set out in Asal. § 4-16 to § 4-23. The company’s shares must, in principle, be freely transferable, cf. Stock Exchange Regulations (Børsforskriften) § 6. If the company has been given a discretionary right to bar a share acquisition, such right may only be exercised if there is sufficient cause and such imposition does not cause disturbances in the market. The Financial Institutions Act (Finansieringsvirksomhetsloven) § 2-2 lays down rules on the prior approval of acceptable owners of a financial institution. See also the Act of 14 December 1917 relating to acquisition of waterfalls, mines and other real estate.|