17-7209.   Invalid transfer of close corporation's security;corporate option.If a restriction on the transfer of a security of a close corporation isheld not to be authorized by K.S.A. 17-6426, thecorporation, nevertheless, shall have an option, for a period of thirty(30) days after the judgment setting aside the restriction becomesfinal, to acquire the restricted security at a price which is agreedupon by the parties, or if no agreement is reached as to price, then atthe fair value as determined by the district court. In order todetermine fair value, the court may appoint an appraiser to receiveevidence and report to the court his findings and recommendation as tofair value. The appraiser shall have such powers and shall proceed, sofar as applicable, in the same manner as appraisers appointed underK.S.A. 17-6712.

      History:   L. 1972, ch. 52, § 133; July 1.