15 Pa. C.S. § 2324

Current through 2024 legislation effective May 8, 2024

Section 2324 - Corporation option where a restriction on transfer of a security is held invalid

If the bylaws contain provisions pursuant to section 2322(a) (relating to share transfer restrictions) and a restriction on transfer of a security of a statutory close corporation is held not to be authorized by section 1529 (relating to transfer of securities; restrictions), the corporation shall nevertheless have an option, for a period of 30 days after the judgment setting aside the restriction becomes final, to acquire the restricted security at a price that is agreed upon by the parties or, if an agreement is not reached, at the fair value as determined under Subchapter D of Chapter 15 (relating to dissenters rights).

15 Pa.C.S. § 2324

1988, Dec. 21, P.L. 1444, No. 177, § 103, effective 10/1/1989.