The power of trust
If the number of shareholders does not exceed fifty, the Articles of Association of the company may provide for a preemptive right:
- to acquire from shareholders the shares sold by other shareholders of this company at a price and under the terms proposed to a third party in proportion to the number of shares owned by each of them;
- to acquire from a company the shares sold by its shareholders, if other shareholders of this company did not use their preemptive right (Article 6 of the Law of the Republic of Uzbekistan on Joint Stock Companies and Protection of Shareholders’ Rights).
To date, “National Bank for Foreign Economic Activity of the Republic of Uzbekistan” JSC shareholders have not received applications for exercising the preemptive right to acquire shares of the bank.
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