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2017 Pennsylvania Consolidated Statutes
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 23 - Statutory Close Corporations
Section 2324 - Corporation option where a restriction on transfer of a security is held invalid
Universal Citation: 15 PA Cons Stat § 2324 (2017)
§ 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).
Cross References. Section 2324 is referred to in section 1571 of this title.
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