15-2-120. TRANSFER OF SHARES IN BREACH OF TRANSFER RESTRICTIONS.

Any attempted transfer of shares in a corporation formed under this Chapter in violation of any transfer restriction binding on the transferee shall be ineffective. Any attempted transfer of shares in a corporation formed under this Chapter in violation of any transfer restriction not binding on the transferee because the notice required by Sections 109 or 119 of this Chapter has not been given shall give the corporation the option, exercisable by notice and payment within 30 days after presentation of the shares for registration in the name of the transferee, to purchase the shares from the transferee for the same price and terms.