Page the No. 2s | What I have Browning-Olsen l wonder if | ing there The Company "said said trustees is not articles contain capital is based must upon stock assumption as that stockholders. of J. MU, & &, Brown- the holders: be recognized another way out. of incorporation the the following provision: shall be not sold by 5. thereof or transferred upon the books of the company, er from the holders thereof at the time of the adoption of this Article, except when the written consent of all the stockholders of this corporation shail have been given for such sale or transfer, and any stockholder degiring to sell or transfer capital stock of this upon each stockholder the books of the any of the sheres of the of proposed corporation hereafter shall serve in this corporation, as shown by company at the time such Sale, a written shares of stock request for permission to «es he may desire to sell, sell such and any stock- holder of this purchasing all corporation or any part privilege of so desired Capital provided, to in shall have the of said stock, be sold and transferred as aforeseid, at a price excess of BO per cent of the book value of said stock; however, that if any not stockholder of this corporation, when requested $5 to doe, does not give his written consent, or purchase the stock of the owner or holder so desiring to sell the same, within sixty (60) days from the receipt deemed to have given his quest, | stock has has then and in that event, written of such written re- such stockholder shall That limitation on. transfersis stated briefly in certificates outstanding. I uncerstand that whatever been been done done by way without Section of be. consent®, transferring £44 shares any attempt to comply with 16-35-15, Revised Statutes of among other things, provides that there upon the transfer of shares represented to your that Utah, all trustees limitation. 1934, shall be no restriction by certificates by virtue of any by-laws of such corporation, or otherwise, unless the restriction is stated upon the certificate. It seems to us that the statute establishes that it is not contrary to the public policy of this state for some restrictions to be placed upon ea transfer of stock. The Browning Company has attempted to create such a restriction.