16-10a-1328 - Procedure for shareholder dissatisfied with payment or offer.
16-10a-1328. Procedure for shareholder dissatisfied with payment or offer.
(1) A dissenter who has not accepted an offer made by a corporation under Section16-10a-1327 may notify the corporation in writing of his own estimate of the fair value of hisshares and demand payment of the estimated amount, plus interest, less any payment made underSection 16-10a-1325, if:
(a) the dissenter believes that the amount paid under Section 16-10a-1325 or offeredunder Section 16-10a-1327 is less than the fair value of the shares;
(b) the corporation fails to make payment under Section 16-10a-1325 within 60 days afterthe date set by the corporation as the date by which it must receive the payment demand; or
(c) the corporation, having failed to take the proposed corporate action creatingdissenters' rights, does not return the deposited certificates or release the transfer restrictionsimposed on uncertificated shares as required by Section 16-10a-1326.
(2) A dissenter waives the right to demand payment under this section unless he causesthe corporation to receive the notice required by Subsection (1) within 30 days after thecorporation made or offered payment for his shares.
Enacted by Chapter 277, 1992 General Session