§ 17-17-113 — Attempted share transfer in breach of prohibition

(a) An attempt to transfer shares in a statutory close
corporation in violation of a prohibition against transfer
binding on the transferee is ineffective.
(b) 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 W.S. 17-17-110 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 must give the transferee
written notice within thirty (30) 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.