This thesis contemplated to research in order to find the answers regarding to the main question as follows: firstly, is transfer of shares occur at the same moment of the execution of The Sale and Purchase of Sahres Agreement, secondly, what is a duty and responsibility of The Shareholders, Director, and Commissioner on sale and purchase, and transfer of shares, and thirdly, when are The new Shareholders have a lawful and indeed legal status on sale and purchase and transfer of shares. To answer the question above, The Writer using juridical normative approximation, that means a legal research using secondary data through juridical dogmatic and descriptive analysis approximation method. Transfer of shares legally occurs after acquired the approval in behalf of the amendment of the Articles of Association, and registration in Company Registration Code, and further registration in the Shareholders Register Book of the company. The Shareholders having duty and responsibility to call an Extraordinary General Shareholders Meeting in order to sale and purchase and transter of shares. Director having duty and responsibility to arrange Extraordinary General Shareholders Meeting, and Commissioner having duty and responsibility to supervise the accomplishment of sale and purchase and transfer of shares. The new Shareholders have a lawful and indeed legal status on sale and purchase of shares when the agreement of sale and purchase of shares has signed by both parties.