17-7209. Invalid transfer of close corporation's security; corporate option.
17-7209
17-7209. Invalid transfer of close corporation's security;
corporate option.
If a restriction on the transfer of a security of a close corporation is
held not to be authorized by K.S.A. 17-6426, the
corporation, nevertheless, shall have an option, for a period of thirty
(30) days after the judgment setting aside the restriction becomes
final, to acquire the restricted security at a price which is agreed
upon by the parties, or if no agreement is reached as to price, then at
the fair value as determined by the district court. In order to
determine fair value, the court may appoint an appraiser to receive
evidence and report to the court his findings and recommendation as to
fair value. The appraiser shall have such powers and shall proceed, so
far as applicable, in the same manner as appraisers appointed under
K.S.A. 17-6712.
History: L. 1972, ch. 52, § 133; July 1.