Selling to an outsider requires approval

Worked example

What the Vasseur member's undertaking does not settle

The undertaking binds the seller to his buyer; it does not bind the other two members. The sale to that outsider requires their approval by double majority, preceded by notification of the proposal to the company and to each of them. Absent a decision within three months of the last notification, approval is deemed given. On a refusal, the members must acquire or arrange the acquisition of the 300 shares within three months, at a price fixed under article 1843-4 of the civil code and not at the 45 000 € agreed.