If a restriction on transfer of a security of a close corporation is held not to be authorized by § 202 of this title, 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 security 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 Court of Chancery. In order to determine fair value, the Court may appoint an appraiser to receive evidence and report to the Court such appraiser's findings and recommendation as to fair value.
Structure Delaware Code
Chapter 1. GENERAL CORPORATION LAW
Subchapter XIV. Close Corporations; Special Provisions
§ 341. Law applicable to close corporation.
§ 342. Close corporation defined; contents of certificate of incorporation.
§ 343. Formation of a close corporation.
§ 344. Election of existing corporation to become a close corporation.
§ 345. Limitations on continuation of close corporation status.
§ 347. Issuance or transfer of stock of a close corporation in breach of qualifying conditions.
§ 348. Involuntary termination of close corporation status; proceeding to prevent loss of status.
§ 349. Corporate option where a restriction on transfer of a security is held invalid.
§ 350. Agreements restricting discretion of directors.
§ 351. Management by stockholders.
§ 352. Appointment of custodian for close corporation.
§ 353. Appointment of a provisional director in certain cases.
§ 354. Operating corporation as partnership.