2019 South Dakota Codified Laws
Title 51A - Banks and Banking
Chapter 06 - Trust Companies
§ 51A-6-22 Rights of dissenting stockholder--Receipt of cash value of shares--Appraisal.
51A-6-22. Rights of dissenting stockholder--Receipt of cash value of shares--Appraisal. The owner of shares of a trust company which were voted against a merger or consolidation with a national bank shall be entitled to receive, from the assets of such trust company, the value of such stock in cash, when the merger or consolidation becomes effective, upon written demand made to the resulting national bank and trust company at any time within thirty days after the effective date of the merger or consolidation, accompanied by the surrender of the stock certificates. The value of such shares shall be determined, as of the date of the shareholders' meeting approving the merger or consolidation, by three appraisers, one to be selected by the owners of the shares voting against the merger or consolidation, one by the board of directors of the resulting national bank and trust company, and the third by the two so chosen. If the appraisal is not completed within sixty days after the merger or consolidation becomes effective, the division shall cause an appraisal to be made and such appraisal shall then govern. The expenses of appraisal shall be paid by the resulting national bank and trust company.
Source: SL 1986, ch 401, § 3; SDCL, § 51-19A-22.
