Corporation option where a restriction on transfer of a security is held invalid.

15 Pa.C.S. § 2324
in effect
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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.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM&ttl=15Fetched: 10/16/2026
15 Pa.C.S. § 2324 — Corporation option where a restriction on transfer of a security is held invalid | Pennsylvania Consolidated Statutes (Aug. 2026 snapshot) | Corpus