§ 17-17-111 — Share transfer prohibition

(a) An interest in shares of a statutory close corporation
may not be voluntarily or involuntarily transferred, by
operation of law or otherwise, except to the extent permitted by
the articles of incorporation or under W.S. 17-17-112 or
pursuant to a buy-sell agreement entered into by all the
shareholders.
(b) Except to the extent the articles of incorporation
provide otherwise, this section does not apply to a transfer:
(i) To the corporation or to any other holder of the
same class or series of shares;
(ii) To members of the shareholder's immediate
family, or to a trust, all of whose beneficiaries are members of
the shareholder's immediate family, which immediate family
consists of his spouse, parents, lineal descendants, including
adopted children and stepchildren, and the spouse of any lineal
descendant, and brothers and sisters;
(iii) That has been approved in writing by all of the
holders of the corporation's shares having general voting
rights;
(iv) To a personal representative upon the death of a
shareholder or to a trustee or receiver as the result of a
bankruptcy, insolvency, dissolution or similar proceeding
brought by or against a shareholder;
(v) By merger, consolidation or share exchange under
W.S. 17-16-1101 through 17-16-1114, or an exchange of existing
shares for other shares of a different class or series in the
corporation;
(vi) By a pledge as collateral for a loan that does
not grant the pledgee any voting rights possessed by the
pledgor; or
(vii) Made after termination of the corporation's
status as a statutory close corporation.