(a) Any attempted transfer of shares of a corporation formed under this Code in violation of any transfer restriction binding on the transferee shall be ineffective.

(b) Any attempted transfer of shares in a corporation formed under this Code in violation of any transfer restriction not binding on the transferee due to lack of notice required under YTC 8.10.120 shall give the corporation the option to purchase the shares for the same price, and on the same terms and conditions as those imposed on the transferee. The option to purchase shall be exercised by tender of written notice to the transferor and transferee, and payment within 30 days after presentation of the shares for registration in the name of the transferee. [Ord. 18 Part II § 13, adopted, 10/7/2008.]