Code of Alabama
Article 2 - Close Corporations.
Section 10A-30-2.06 - Corporate Option Where a Restriction on Transfer of Shares Is Held Invalid; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

If a restriction on transfer of shares of a close corporation is held not to be authorized by the Alabama Business Corporation Law, the corporation shall nevertheless have an option for a period of 30 days after the judgment setting aside the restriction becomes final, to acquire the restricted shares 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 circuit court of the county in which the corporation has its registered office or any court in such place having jurisdiction. In order to determine fair value, the court may appoint an appraiser to receive evidence and report to the court his or her 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 Article 13 of Chapter 2A.

Structure Code of Alabama

Code of Alabama

Title 10A - Alabama Business and Nonprofit Entities Code.

Chapter 30 - Provisions Applicable to Exisiting Entities of a Type That May No Longer Be Formed:unincorporated Professional Associations and Close Corporations.

Article 2 - Close Corporations.

Section 10A-30-2.01 - Article Applicable to Close Corporations; Applicability of Chapter.

Section 10A-30-2.02 - "Close Corporation" Defined; Contents of Certificate of Formation; Number of Shareholders; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.03 - Formation of a Close Corporation; Applicable to Corporations Formed as Close Corporations Before January 1, 1995.

Section 10A-30-2.04 - Voluntary Termination of Close Corporation Status by Amendment of Certificate of Formation; Vote Required; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.05 - Issuance or Transfer of Shares of a Close Corporation in Breach of Qualifying Conditions; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.06 - Corporate Option Where a Restriction on Transfer of Shares Is Held Invalid; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.07 - Agreements Restricting Discretion of Directors; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.08 - Management by Shareholders; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.09 - Appointment of Custodian for Close Corporation; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.10 - Appointment of a Provisional Director in Certain Cases; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January, 1 1995.

Section 10A-30-2.11 - Shareholders' Agreements; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.12 - Shareholders' Option to Dissolve Corporation; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.

Section 10A-30-2.13 - Effect of the Close Corporation Provisions on Other Laws; Applicable to Corporations Formed as Close Corporations or Electing Close Corporation Status Prior to January 1, 1995.