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S.C. Code Ann. § 33-19-221

Attempted share transfer in breach of prohibition

Derived from 1976 Code SECTION 33-51-140 [1962 Code SECTION 56-1614; 1962 (52) 1911; Repealed, 1988 Act No. 444, SECTION 4(5)]; 1988 Act No. 444, SECTION 2.

(a) An attempt to transfer shares in a professional corporation in violation of a prohibition against transfer binding on the transferee is ineffective.

(b) An attempt to transfer shares in a professional corporation in violation of a prohibition against transfer that is not binding on the transferee, either because the notice required by Section 33-19-210 was not given or because the prohibition is held unenforceable by a court, gives the professional corporation an option to purchase the shares from the transferee for the same price and on the same terms that he purchased them. To exercise its option, the corporation must give the transferee written notice within thirty days after they are presented for registration in the transferee's name. The professional corporation may enforce specifically the transferee's sale obligation upon exercise of its purchase option.

Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.