Missouri § 351.775 Attempted share transfer in breach of prohibition.

Missouri Statutes

§ 351.775 — Attempted share transfer in breach of prohibition.

Missouri § 351.775

Title XXIIICORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Ch. 351General and Business Corporations

This text of Missouri § 351.775 (Attempted share transfer in breach of prohibition.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 351.775 (2026).

Text

1.An attempt to transfer shares in a statutory close corporation in violation of a prohibition against transfer binding on the transferee is ineffective.

2.An attempt to transfer shares in a statutory close corporation in violation of a prohibition against transfer that is not binding on the transferee, either because the notice required by section 351.760 was not given or because the prohibition is held unenforceable by a court, gives the corporation an option to purchase the shares from the transferee for the same price and on the same terms that he purchased them. To exercise its option, the corporation shall give the transferee written notice within thirty days after they are presented for registration in the transferee's name. The corporation may specifically enforce the transf

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1. An attempt to transfer shares in a statutory close corporation in violation of a prohibition against transfer binding on the transferee is ineffective.

2. An attempt to transfer shares in a statutory close corporation in violation of a prohibition against transfer that is not binding on the transferee, either because the notice required by section 351.760 was not given or because the prohibition is held unenforceable by a court, gives the corporation an option to purchase the shares from the transferee for the same price and on the same terms that he purchased them. To exercise its option, the corporation shall give the transferee written notice within thirty days after they are presented for registration in the transferee's name. The corporation may specifically enforce the transferee's sale obligation upon exercise of its purchase option.