2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 15 - Corporate Powers, Duties and Safeguards
1575 - Notice to demand payment.

     § 1575.  Notice to demand payment.
        (a)  General rule.--If the proposed corporate action is
     approved by the required vote at a meeting of shareholders of a
     business corporation, the corporation shall mail a further
     notice to all dissenters who gave due notice of intention to
     demand payment of the fair value of their shares and who
     refrained from voting in favor of the proposed action. If the
     proposed corporate action is to be taken without a vote of
     shareholders, the corporation shall send to all shareholders who
     are entitled to dissent and demand payment of the fair value of
     their shares a notice of the adoption of the plan or other
     corporate action. In either case, the notice shall:
            (1)  State where and when a demand for payment must be
        sent and certificates for certificated shares must be
        deposited in order to obtain payment.
            (2)  Inform holders of uncertificated shares to what
        extent transfer of shares will be restricted from the time
        that demand for payment is received.
            (3)  Supply a form for demanding payment that includes a
        request for certification of the date on which the
        shareholder, or the person on whose behalf the shareholder
        dissents, acquired beneficial ownership of the shares.
            (4)  Be accompanied by a copy of this subchapter.
        (b)  Time for receipt of demand for payment.--The time set
     for receipt of the demand and deposit of certificated shares
     shall be not less than 30 days from the mailing of the notice.

        Cross References.  Section 1575 is referred to in sections
     1576, 1577, 1579, 2512 of this title.