Included a share-transfer restriction stating

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Stufft Farms, Inc., was a Montana corporation that owned and operated a family farm. The only shareholders were five family members. The bylaws included a share-transfer restriction stating that no shareholder had the right to sell her shares without first offering the shares to the corporation and shareholders at book value. Neil Johnson offered to purchase all of Stufft Farm's shares. His offer was contingent upon all of the shares being tendered to him. When four shareholders accepted Johnson's offer, the fifth shareholder, David Stufft, who did not accept the offer, argued that he had the right to buythe shares of the tendering four shareholders at book value. Was he correct?

Reference no: EM131117166

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