§ 55-13-26. Failure to take action.
§55‑13‑26. Failure to take action.
(a) If the corporationdoes not take the proposed action within 60 days after the date set fordemanding payment and depositing share certificates, the corporation shallreturn the deposited certificates and release the transfer restrictions imposedon uncertificated shares.
(b) If after returningdeposited certificates and releasing transfer restrictions, the corporationtakes the proposed action, it must send a new dissenters' notice under G.S. 55‑13‑22and repeat the payment demand procedure. (1925, c. 77, s. 1; 1943, c.270; G.S., s. 55‑167; 1955, c. 1371, s. 1; 1969, c. 751, s. 39; 1973, c.469, ss. 36, 37; 1989, c. 265, s. 1.)