15-2-117. SHARE TRANSFER RESTRICTIONS.

1. Except as otherwise provided in the articles of incorporation, no interest in shares of a corporation formed under this Chapter may be transferred, by operation of law or otherwise, whether voluntary or involuntary.
2. Subsection (a) above shall not apply to a transfer:
   1. To the corporation or to any other holder of the same class of shares;
   2. To members of the holder’s immediate family, or to a trust, all of whose beneficiaries are members of the holder’s immediate family. A holder’s immediate family shall include only his spouse, parents, lineal descendants (including any adopted children and stepchildren) and spouse of any lineal descendants, and brothers and sisters;
   3. Which has been consented to in writing by all of the holders of the corporation’s common shares having voting rights;
   4. To an executor or administrator upon the death of a shareholder or to a trustee or receiver as the result of a bankruptcy, insolvency, dissolution, or similar proceeding brought by or against a shareholder;
   5. By merger, consolidation or a share exchange of existing shares for other shares of a different class or series in the corporation;
   6. By a pledge as collateral for a loan that does not grant the pledge any voting rights possessed by the pledgor.