This page exists to make my research on the enforceability of any purported transfer restriction to WSC stock available to anyone interested.  My cards are on the table.

To understand the stock transfer restriction issue follow this outline:

Gil's position -- Unmarked shares issued before 2002 do not carry an enforceable restriction and can be openly traded.

A short history

•   WSC Articles of incorporation  Feb 8, 1973  authorized 250 shares
•   The Articles of Amendment   April 1979 authorized a split to 400 shares

• Early 2001 By Laws  Typed copy 6/7/2001 with some comments.
• November 10, 2001 By Laws  New
   
• NCGS 55-6-27  NC General Statute regarding stock restriction.  Note requirement that certificate be marked clearly to carry an enforceable restriction.
   
• Attorney Request  -- Gather my thoughts to meet with my attorney on status of restriction
• Letter points  --  Make sure I covered these points while sitting with my attorney
   
• Legal opinion.  -- Opinion letter from Northern Blue attorney on status of restriction.

Gil's interpretation of what our By Laws say WRT those shares which are properly restricted -- those issued since 2002.

I trust that the WSC board will share any of their findings.

My attempt to transfer stock:         Request         Rejection        WSC Opinion