Section 180.1805. Share transfer restrictions.

  No interest in shares of a statutory close corporation may be transferred without the written consent of all shareholders holding voting stock, unless the interest is transferred in any of the following circumstances:

(1)  As provided in s. 180.1807 .

(2)  To the corporation or to any other holder of the same class or series of shares.

(3)  To members of the shareholder's immediate family, or to a trust, all of whose beneficiaries are members of the holder's immediate family. In this subsection, “shareholder's immediate family" means the shareholder's spouse, parents, lineal descendants, including any adopted children and stepchildren, and the spouse of any lineal descendants, and brothers and sisters.

(4)  To a personal representative on 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 or share exchange that becomes effective under ss. 180.1101 to 180.1106 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 pledgee any voting rights possessed by the pledgor.

(7)  After termination of the corporation's status as a statutory close corporation.

(8)  As otherwise provided in the corporation's articles of incorporation or in an agreement among shareholders under s. 180.1823 .

1989 a. 303 ; 1991 a. 16 ; 2003 a. 321 .