In general, shareholders (i.e. members) have the right to transfer or sell their shares to whomever they wish. However, certain provisions of the articles of association may restrict this right where it is provided that the board of directors should be empowered to reject the share register or a pre-emption clause requiring a member to first propose to sell its shares to other specific members or directors. A share purchase agreement is defined as a good quality contract between a seller and a buyer. They can be referred to as sellers and buyers in the contract. The exact number of shares is indicated in the contract at the indicated price. This agreement proves that the sale and the conditions were mutually agreed.