78(1)A company, by by-law passed by the directors and unanimously confirmed by all its shareholders at any general meeting, may provide that the company is a close corporation and that the shares of the capital stock or any class or classes thereof are not transferable to any person not being a shareholder of that class of share at the time such transfer is proposed to be made, until the name of the proposed transferee is submitted to the directors and they have given consent to the transfer or upon such other terms or conditions as may be provided by the by-law.