2013 South Carolina Code of Laws
Title 58 - Public Utilities, Services and Carriers
CHAPTER 17 - THE GENERAL RAILROAD LAW
SECTION 58-17-650. Procedure for assessment of damages of dissenting stockholder.

Any stockholder of any company hereby authorized to consolidate with any other who shall refuse to convert his stock into the stock of the consolidated company may, at any time within thirty days after the adoption of the agreement of consolidation by the stockholders, as in this article provided, apply, by petition, to the court of common pleas of the county in which the chief office of the company may be kept or to a judge of such court in vacation, if no such court sits within such period, on reasonable notice to the company, to appoint three disinterested persons to estimate the damage, if any, done to such stockholder by the proposed consolidation and whose award, or that of a majority of them, when confirmed by the court, shall be final and conclusive. The persons so appointed shall also appraise the stock of any such stockholder at the full market value thereof, without regard to any depreciation or appreciation in consequence of such consolidation and the company may, at its election, either pay to the stockholder the amount of damages so found and awarded, if any, or the value of the stock so ascertained and determined. And upon the payment of the value of the stock, as aforesaid, the stockholder shall transfer the stock so held by him to the company, to be disposed of by the directors of the company or to be retained for the benefit of the remaining stockholders. In case the value of the stock, as aforesaid, is not paid within thirty days from the filing of the award and confirmation thereof by the court and notice to the company, the damages so found and confirmed shall be a judgment against the company and collected as other judgments in such court are by law recoverable.

HISTORY: 1962 Code Section 58-924; 1952 Code Section 58-924; 1942 Code Section 8292; 1932 Code Section 8237; Civ. C. '22 Section 4801; Civ. C. '12 Section 3132; Civ. C. '02 Section 2057; G. S. 1432; R. S. 1622; 1881 (17) 796.