8.10.100 Restrictions on transfer of shares.
(a) Except as otherwise provided in the articles of incorporation, no interest in shares of a corporation formed under this Code may be transferred, by operation of law or otherwise, whether voluntary or involuntary.
(b) Subsection (a) of this section shall not apply to a transfer:
(1) To the corporation or any other shareholder of the same class of shares;
(2) To members of the shareholder’s immediate family, or to a trust, all of whose beneficiaries are members of the holder’s immediate family. A shareholder’s immediate family shall include his or her spouse, parents, lineal descendants (including any adopted children and stepchildren) and spouse of any lineal descendants, and brothers and sisters;
(3) That has been consented to, in writing, by all shareholders 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 a 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; [Ord. 18 Part II § 10, adopted, 10/7/2008.]