US Laws, Codes, Statutes & Cases

§140.2.  Rights of dissenting shareholders

A.  Unless otherwise provided in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, in the event control shares acquired in a control share acquisition are accorded full voting rights and the acquiring person has acquired control shares with a majority or more of all voting power, all shareholders of the issuing public corporation have dissenters' rights as provided in this Section.  

B.  As soon as practicable after such events have occurred, the board of directors shall cause a notice to be sent to all shareholders of the corporation advising them of the facts and that they have dissenters' rights to receive the fair cash value of their shares.  

C.  As used in this Section, "fair cash value" means a value not less than the highest price paid per share by the acquiring person in the control share acquisition.  

D.  As used in this Section, "dissenters' rights" means the right to require the issuing public corporation to purchase shares at fair cash value.

Acts 1987, No. 62, §1, eff. June 11, 1987.