351.775. Attempted share transfer in breach of prohibition. - Missouri Statutes

Attempted share transfer in breach of prohibition.

351.775. 1. An attempt to transfer shares in a statutoryclose corporation in violation of a prohibition against transferbinding on the transferee is ineffective.

2. An attempt to transfer shares in a statutory closecorporation in violation of a prohibition against transfer thatis not binding on the transferee, either because the noticerequired by section 351.760 was not given or because theprohibition is held unenforceable by a court, gives thecorporation an option to purchase the shares from the transfereefor the same price and on the same terms that he purchased them.To exercise its option, the corporation shall give the transfereewritten notice within thirty days after they are presented forregistration in the transferee's name. The corporation mayspecifically enforce the transferee's sale obligation uponexercise of its purchase option.

(L. 1990 H.B. 1432)