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• Involuntary Transfer. <br /> Any person acquiring any shares of stock by the insolvency or bankruptcy of any <br /> stockholder, by the foreclosure of any pledge or hypothecation, or by any other involuntary <br /> transfer or assignment, or by death, or otherwise by process of law, before being entitled to <br /> exercise any rights as a holder of such stock of the Corporation, shall offer in writing all of <br /> such acquired shares to the Corporation for purchase by it and deliver to the Corporation <br /> together with such offer, (a) the certificate or certificates representing all of such shares of stock, <br /> (b)proper proof or authentication of such persons right to acquire such shares and to transfer the <br /> same, and (c) a stock power or powers duly executed in blank by such person. Such offer shall <br /> be made within thirty (30) days of such involuntary transfer and shall name one arbitrator. The <br /> Corporation may within thirty (30) days thereafter give written notice to the stockholder naming <br /> a second arbitrator. The two arbitrators so named shall within ten (10) days name a third. It shall <br /> then be the duty of the arbitrators to ascertain by majority vote within an additional thirty (30) <br /> days the fair market value of the stock. <br /> After the report of the arbitrators as to such value, the Board of Directors shall have an <br /> additional thirty (30) days within which to purchase such stock or to designate in writing a <br /> person or persons to purchase the same or any specified part thereof at such value. In the event <br /> • that the Corporation does not elect to exercise its option hereunder, the shares of stock so <br /> acquired shall be transferred on the books of the Corporation into the name of the person <br /> acquiring the same and such stock shall thereafter be subject to all the restrictions imposed by <br /> this Article. <br /> • <br />