In private limited liability companies, share transfers are commonly preceded by a Conditional Share Sale and Purchase Agreement (Perjanjian Pengikatan Jual Beli, PPJB), while the articles of association require prior approval from the General Meeting of Shareholders (GMS). When that approval has not been obtained, uncertainty arises as to who owns the shares and how the parties are protected. This article examines the legal consequences of such a PPJB on share ownership status and the legal protection available to the parties. It employs normative legal research using statutory, case, conceptual, and analytical approaches, with three court decisions analysed through argumentum a contrario. Applying R. Soeroso's theory of legal consequences, the study finds that the PPJB creates a valid and binding obligatory relationship but does not change the legal state of share ownership. The seller remains the shareholder, while the buyer, even after full payment, holds only a contractual right, since shareholder rights arise only upon registration in the register of shareholders under Article 52(2) of Law Number 40 of 2007 on Limited Liability Companies. The change of status is suspended until GMS approval is granted or deemed granted after 90 days under Article 59(2), the deed of transfer is executed, and the transfer is recorded. Drawing on Satjipto Rahardjo's theory of legal protection and Philipus M. Hadjon's preventive and repressive categories, the study concludes that existing protection is not yet optimal because the law does not regulate share PPJBs, the party obliged to request approval, or the consequences of a refusal on payments already made