(1) Shares may be transferred to other persons: Provided, That a company may subject the transfer of shares to the approval of the board of directors, as determined by the articles of incorporation. <Amended by Act No. 5053, Dec. 29, 1995; Act No. 10600, Apr. 14, 2011>
(2) Any transfer of shares that is not approved by the board of directors in contravention of the proviso to paragraph (1) shall not be effective against the company. <Newly Inserted by Act No. 5053, Dec. 29, 1995>
(3) Any transfer of shares made before the issuance of share certificates shall not be effective against the company: Provided, That this shall not apply where six months have passed from the date of the establishment of the company or the date of the payment of the subscription price for new shares. <Amended by Act No. 3724, Apr. 10, 1984>