Colombian Commercial Code - Decree 410 of 1971 - Book II - Of Corporations - Title VI - Company - Chapter II - Shares in the Company - Section V - Trading of Shares - From: Section 403 to : Art 418
COLOMBIAN COMMERCIAL CODE Section V Trading of the shares Article 403 .- The shares will be freely tradable, with the following exceptions: 1. The privileged, on which is subject to the provisions on the subject; 2. Common stock for which has been expressly agreed the right choice; 3. Shares of industry is not released, will not be traded without the authorization of the board or general assembly, and 4. The shares subject to a pledge in respect of which shall require the authorization of the creditor. Section 404 .- The directors of the company may not either by itself or through third parties, dispose of or acquire shares in the company while in performance of their duties, but when it comes to operations other than speculative purposes and authorized by the board, granted by the affirmative vote of two thirds of its members, excluding the applicant or the general assembly, with the vote of a majority under ordinary statutes, excluding ...