{"data":{"id":"us-pa/15-pa.c.s.-2324","jurisdiction":"us-pa","citation":"15 Pa.C.S. § 2324","heading":"Corporation option where a restriction on transfer of a security is held invalid.","body":"If the bylaws contain provisions pursuant to section 2322(a) (relating to share transfer restrictions) and a restriction on transfer of a security of a statutory close corporation is held not to be authorized by section 1529 (relating to transfer of securities; restrictions), 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 that is agreed upon by the parties or, if an agreement is not reached, at the fair value as determined under Subchapter D of Chapter 15 (relating to dissenters rights).","path":["Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS","PART II CORPORATIONS","SUBPART B BUSINESS CORPORATIONS","ARTICLE C DOMESTIC BUSINESS CORPORATION ANCILLARIES","CHAPTER 23 STATUTORY CLOSE CORPORATIONS","SUBCHAPTER B SHARES"],"source_url":"https://www.palegis.us/statutes/consolidated/view-statute?txtType=HTM\u0026ttl=15\u0026div=0\u0026chpt=23\u0026sctn=24\u0026subsctn=0","current_through":"2026-07-28 (Statute Update stamp, 15 Pa.C.S.)","vintage":"","retrieved_at":"2026-09-02T16:31:13Z","sha256":"889710ab7e8d08478e6dbce446027450d9614c1ac9a0c6e010d04b49653090a2","source_id":"us-pa","stale":false,"prev":"us-pa/15-pa.c.s.-2323","next":"us-pa/15-pa.c.s.-2325"},"notice":"GroundRules: Original legal text. Not legal advice."}