Kansas Statutes
Article 72 - Close Corporations
17-7209 Invalid transfer of close corporation's security; corporate option.

17-7209. Invalid transfer of close corporation's security; corporate option. If a restriction on the transfer of a security of a close corporation is held not to be authorized by K.S.A. 17-6426, and amendments thereto, the corporation, nevertheless, shall 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 district court. 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.
History: L. 1972, ch. 52, § 133; L. 2016, ch. 110, § 113; July 1.

Structure Kansas Statutes

Kansas Statutes

Chapter 17 - Corporations

Article 72 - Close Corporations

17-7201 Laws applicable to close corporations.

17-7202 Close corporation defined; contents of articles of incorporation; effect of joint held stock.

17-7203 Formation of close corporation.

17-7204 Election of existing corporation to become close corporation.

17-7205 Limitations on continuation of close corporation status.

17-7206 Voluntary termination of status as close corporation; amendment of articles of incorporation; vote required.

17-7207 Issuance or transfer of stock of close corporation in breach of restrictions or conditions thereon; effect; conclusive presumptions; transfer defined; applicability and effect of section.

17-7208 Breach of condition necessary to status as close corporation; proceeding to prevent loss of status; jurisdiction and powers of district court.

17-7209 Invalid transfer of close corporation's security; corporate option.

17-7210 Agreement of stockholders to restrict discretion or powers of board of directors of close corporation.

17-7211 Management of close corporation by stockholders.

17-7212 Appointment of custodian for close corporation, when.

17-7213 Appointment of provisional director for close corporation, when; qualifications, rights and powers of provisional director.

17-7214 Operation of close corporation as partnership.

17-7215 Dissolution of close corporation at option of stockholders or upon event or contingency specified in articles of incorporation; disclosure of provision on stock certificates.

17-7216 Effect of close corporation provisions on other laws.