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or the father, mother, or lawful ascendant, or the
collateral relations of the selling shareholder,
whether outright, in trust, or to any other legal
entity established for the exclusive benefit of any of
the foregoing persons; provided that such sale or
exchange is made for a price or consideration of no
more than the book value of the shares, and provided,
further, that the corporation shall not be required to
record and honor such transfer except upon receipt of
written notice of such transfer.
i - In the event any shareholder pledges or hy-
pothecates the shares of the capital stock of this
corporation to secure an obligation, and subsequently
defaults on such obligation, the creditor, before
enforcing any of its rights with respect to such
shares, shall immediately notify the corporation and
the defaulting shareholder, and for a period of forty-
five (45) days after the receipt of such notice, the
corporation shall have the option to purchase all of
the shares so pledged or hypothecated for the book
value of the shares. If the corporation fails or
refuses to purchase all the shares during the first
option period provided, the shareholders shall have a
second option to purchase the shares in accordance with
subparagraph c of this Article VI; provided, however,
if the shareholder who pledged or hypothecated his
shares shall cure the default on his obligation with
the creditor prior to the time the corporation or the
shareholders exercise their option to purchase the
shares, the option to purchase such shares shall ter-
minate. If either the corporation or the shareholders
purchases such shares, the purchase price shall be paid
jointly to the defaulting shareholder and the creditor.
If neither the corporation nor the shareholders pur-
chases all the shares so offered, then for a period of
twelve (12) months following the expiration of the
shareholder's second option period, the creditor shall
be free to exercise its security rights and sell,
assign, exchange, transfer, or otherwise dispose of
such shares in any manner and upon such terms and
conditions as he may deem appropriate, and such trans-
fer shall be recognized on the books of the corpora-
tion. In the event of a sale or transfer of any shares
of the capital stock of this corporation made by or at
the instance of any mortgagee, pledgee, creditor,
bankruptcy trustee or receiver of any shareholder,
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