17:9A-140 - Rights of dissenting stockholders;  settlement by agreement

17:9A-140.  Rights of dissenting stockholders;  settlement by agreement
    A.  A stockholder who

    (1) is entitled to vote at the meeting of stockholders prescribed by section  137;  and who

    (2) serves a written notice of dissent from the merger agreement, in the manner, at the place, and within the time prescribed in subsections B and C of this section;  and who

    (3) does not vote to approve the merger agreement at the meeting prescribed  by section 137, or at any adjournment thereof,

     may, within thirty days after the filing of the agreement in the department  as provided by section 137, serve a demand upon the receiving bank at its  principal office, for the payment to him of the value of his shares of stock.   The receiving bank may, within ten days after the receipt of such demand,  offer to pay the stockholder a sum for his shares, which, in the opinion of the  board of directors of the receiving bank, does not exceed the amount which  would be paid upon such shares if the business and assets of the bank whose  stock such stockholder holds were liquidated on the day of the filing of the  agreement pursuant to section 137.

    B.  Service of the notice of dissent prescribed by paragraph (2) of subsection A of this section shall be made at the principal office of the bank whose stock is held by the dissenting stockholder, and shall be made not later than the third day prior to the day fixed for the meeting of the stockholders of such bank pursuant to section 137.

    C.  Service of the notice of dissent and of the demand for payment prescribed by this section may be made by registered mail or personally by the dissenting stockholder or his agent.

     L.1948, c. 67, p. 285, s. 140.  Amended by L.1950, c. 153, p. 335, s. 2.