In Connection with a Shareholder Agreement to Restrict the Transfer

In connection with a shareholder agreement to restrict the transfer of stock,how does a "right of first refusal" work?

A) A shareholder desiring to sell shares must first offer those shares to the other existing shareholders, or to the corporation.
B) The corporation has the right to prevent a shareholder from selling shares.
C) A shareholder who sells shares retains the right to vote those shares, and the purchaser only receives the right to receive any dividends declared.
D) Members of the board of directors have the right to reacquire shares sold by a shareholder so someone not a party to the agreement cannot acquire them.
E) A shareholder who sells shares retains the right to dividends, and the purchaser retains the right to vote the shares and to receive their fair market value upon corporate liquidation.