47-1A-627.2. Terms of restriction on transfer or registration of transfer of shares.
103 words·~1 min read·
/sd/title-47/chapter-47-1/47-1a-627-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A restriction on the transfer or registration of transfer of shares may:
(1)Obligate the shareholder first to offer the corporation or other persons, separately, consecutively, or simultaneously, an opportunity to acquire the restricted shares;
(2)Obligate the corporation or other persons, separately, consecutively, or simultaneously, to acquire the restricted shares;
(3)Require the corporation, the holders of any class of its shares, or another person to approve the transfer of the restricted shares, if the requirement is not manifestly unreasonable;
(4)Prohibit the transfer of the restricted shares to designated persons or classes of persons, if the prohibition is not manifestly unreasonable.