What are the necessary conditions and procedures for trading shares of closed joint-stock companies and transferring their ownership?

For the completion of share trading and transfer of ownership, it is required to notify the Board of Directors in writing of the number of shares and their value. The Board must then notify the shareholders within a specified period, and shareholders shall have a grace period to express their desire to purchase under the same terms. In the event that no shareholder comes forward or an agreement is not reached, the seller may sell to non-shareholders. The transfer of ownership shall not be effective except from the date of registration in the shareholders' register.