pre-emption clause

pre-emption clause
a clause usually found in the articles of private companies designed to restrict the opportunities of shares being sold outside a prescribed group of people. Essentially, the clause provides that no shares are to be transferred to any person who is not a member of the company, provided that an existing member is prepared to purchase them at a fair price to be determined in accordance with the articles. See pre-emption.

Collins dictionary of law. . 2001.

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