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Please note: (1) this is general information only, not legal advice; and (2) I will provide you with honest information and not necessarily to tell you might be hoping to hear.
A shareholder wishing to redeem his or her shares from a corporation should first review the bylaws of the corporation to determine if the bylaws provide for redemption procedure.
Typically bylaws will provide for that a shareholder may redeem shares of stock by providing written notice and the corporation has the first right of refusal to purchase the shares and if not exercised the remaining shareholders would have an option to purchase.
Bylaws typically provide for a purchase per share price based on an agreed to value. If the shareholders can't agree than a third party appraiser is used and if no agreement as to that value then the matter goes to arbitration to determine the value.
In the absence of agreement or provided for in the bylaws Georgia code Section 14-2 910-917 provide for the method of the transfer of shares. If the bylaws do not provide for the transfer of shares or restrictions thereof a written offer to the corporation is the process in which a shareholder would take. If the corporation refuses to purchase then the shareholders would have the opportunity. If corporation and remaining shareholders refuse then sale to an outside third party is permitted however the corporation would have a right of first refusal.
Worst case scenario is the shareholder must bring a compulsion action against the corporation to force the corporation to purchase the shares of stock. this is provided for in Georgia Code Section 14-2-916.
Here is a link to the applicable code sections: www.law.justia.com/codes/georgia/2010/title-14/chapter-2/article-9/part-2/
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All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.