§ 2323. Transfer of shares in breach of transfer restrictions.

127 words·~1 min read·/pa/title-15/chapter-23/2323

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any attempted transfer of shares of a statutory close corporation in violation of any transfer restriction binding on the transferee shall be ineffective. Any attempted transfer of shares of a statutory close corporation in violation of any transfer restriction not binding on the transferee shall give the corporation the option, exercisable by notice and payment within 30 days after presentation of the shares for registration in the name of the transferee, to purchase the shares from the transferee for the same price and terms as contemplated for the ineffective transfer, unless such transfer was not intended to be a transfer for value.

15c2323v

Cross References. Section 2323 is referred to in section 2301 of this title.

15c2324s