Delaware Code (Titles 8, 9, 25, 30)
8 Del. C. § 349
Corporate option where a restriction on transfer of a security is held invalid
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.
Amendment history
56 Del. Laws, c. 50; 65 Del. Laws, c. 127, § 10; 71 Del. Laws, c. 339, § 77
Source: view the official text
In this title (40 sections)
- 8-313 · Revival of certificate of incorporation or charter of exempt…
- 8-314 · Status of corporation
- 8-321 · Service of process on corporations
- 8-322 · Failure of corporation to obey order of court; appointment of…
- 8-323 · Failure of corporation to obey writ of mandamus; quo warranto…
- 8-324 · Attachment of shares of stock or any option, right or interest…
- 8-325 · Actions against officers, directors or stockholders to enforce…
- 8-326 · Action by officer, director or stockholder against corporation…
- 8-327 · Stockholder’s derivative action; allegation of stock ownership
- 8-328 · Effect of liability of corporation on impairment of certain…
- 8-329 · Defective organization of corporation as defense
- 8-330 · Usury; pleading by corporation
- 8-341 · Law applicable to close corporation
- 8-342 · Close corporation defined; contents of certificate of…
- 8-343 · Formation of a close corporation
- 8-344 · Election of existing corporation to become a close corporation
- 8-345 · Limitations on continuation of close corporation status
- 8-346 · Voluntary termination of close corporation status by amendment…
- 8-347 · Issuance or transfer of stock of a close corporation in breach…
- 8-348 · Involuntary termination of close corporation status; proceeding…
- 8-349 · Corporate option where a restriction on transfer of a security…
- 8-350 · Agreements restricting discretion of directors
- 8-351 · Management by stockholders
- 8-352 · Appointment of custodian for close corporation
- 8-353 · Appointment of a provisional director in certain cases
- 8-354 · Operating corporation as partnership
- 8-355 · Stockholders’ option to dissolve corporation
- 8-356 · Effect of this subchapter on other laws
- 8-361 · Law applicable to public benefit corporations; how formed
- 8-362 · Public benefit corporation defined; contents of certificate of…
- 8-363 · Nonprofit nonstock corporations [For application of this…
- 8-364 · Stock certificates; notices regarding uncertificated stock
- 8-365 · Duties of directors
- 8-366 · Periodic statements and third-party certification
- 8-367 · Suits to enforce the requirements of § 365(a) of this title
- 8-368 · No effect on other corporations
- 8-371 · Definition; qualification to do business in State; procedure
- 8-372 · Additional requirements in case of change of name, change of…
- 8-373 · Exceptions to requirements
- 8-374 · Annual report