According to article 772 of the OHADA Law of 2014, where the company has given its consent to a proposed pledge of shares, such consent shall mean approval of the assignee in case of mandatory enforcement of the pledged shares, unless the company prefers to repurchase these shares without delay to reduce its capital.

The shares pledge plan shall be enforceable against the company only if it has been approved by the structure designated for that purpose by the articles of association to approve share transfer.

Absent prior consent given by the company, the transfer of ownership of shares occurring in connection with the enforcement of a pledge shall be subject to the approval thereof.
The projected pledge must have been addressed to the company beforehand by any means allowing to prove its actual receipt by the addressee and must contain the last and first names and the number of shares to be pledged.

The approval results in either from acceptance of the pledge communicated the same way as the request for approval of the pledge, or lack of a response within three (3) months from the request.
In the event of the transfer of a share resulting from the enforcement of a pledge in violation of a preemption provision contained in the articles of associations, the provisions of articles 771-3 of the same law are applicable.

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