English to German Law/Patents Law: Contract(s) Gesellschaftssatzung

37.3 The company may sell, in such manner as the directors determine, any shares on which the company has a lien, if:
(a) a sum in respect of which the lien exists is presently payable;
(b) notice has been given to the holder of the shares or to any transmittee demanding payment and stating that if the notice is not complied with the shares may be sold (a "lien enforcement notice"); and
(c) the sum is not paid within 14 clear days after such notice is given.

37.4 To give effect to a sale, the directors may authorise some person to execute an instrument of transfer to, or in accordance with the directions of, the purchaser in respect of the shares sold. The title of the transferee to the shares shall not be affected by any irregularity in or invalidity of the proceedings in reference to the sale. The transferee shall be registered as the holder of the shares comprised in the transfer (whether the share certificate has been produced or not) and shall not be bound ***to see to the application of the purchase consideration***.


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