Louisiana Weekly Publishing Co. v. First National Bank of Commerce

PRESTON H. HUFFT, Judge Pro Tem-pore.

In these consolidated appeals, we are called upon to interpret a provision of the articles of incorporation of a closely held corporation that requires stockholders to offer their stock for purchase by the corporation at book value before transferring it to anyone else. The trial court held that an attempted sale of stock without first affording the corporation its option divested the stockholder of ownership and accorded the stock the status of corporate or treasury stock. The court further held that an attempted donation of stock was also invalid.…