47-1A-627.2. Terms of restriction on transfer or registration of transfer of shares.

A restriction on the transfer or registration of transfer of shares may:

(1)    Obligate the shareholder first to offer the corporation or other persons, separately, consecutively, or simultaneously, an opportunity to acquire the restricted shares;

(2)    Obligate the corporation or other persons, separately, consecutively, or simultaneously, to acquire the restricted shares;

(3)    Require the corporation, the holders of any class of its shares, or another person to approve the transfer of the restricted shares, if the requirement is not manifestly unreasonable;

(4)    Prohibit the transfer of the restricted shares to designated persons or classes of persons, if the prohibition is not manifestly unreasonable.

Source: SL 2005, ch 239, § 76.