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Right of First Refusal: Whenever a shareholder desires to sell his shares, he is required to provide a notice of an offer from a third party, who wishes to buy his stake. The required notice must be in writing to all the shareholders of the company. Subsequently, all the other shareholders then have the first opportunity to purchase those shares at the same terms as that of the offer. Either the remaining shareholders can purchase the shares or the company can buy back the shares. If none of these options go through, only then the shareholder will proceed with the third party's offer.