46. Shares of a company are moveable property and are transferable in the manner and on the conditions prescribed by this Part, or the letters patent, supplementary letters patent or by-laws of the company.
Shares subject to restrictions regarding the right to transfer them shall not be offered to the public unless:
(a) such restrictions are prescribed in the letters patent or supplementary letters patent of the company; and
(b) such restrictions are required to allow the company or any other company in which the company has an interest to obtain, protect or renew, under a statute of Canada or of Québec, any authorization necessary to attain the objects of its undertaking or part of it.
R. S. 1964, c. 271, s. 43; 1973, c. 65, s. 4.