Title 30 — Corporations and Partnerships
4 chapters · 79 sections in this title.
A.S.C.A. § 30.0192 Dissenters’ notice
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(a) If proposed corporate action creating dissenters’ rights under section 30.0181 is authorized at a shareholders meeting, the corporation shall deliver a written dissenters’ notice to all shareholders who satisfied the requirements of section 30.0191. (b) The dissenters’ notice…
A.S.C.A. § 30.0193 Duty to demand payment
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(a) A shareholder sent a dissenters’ notice described in section 30.0192 must demand payment, certify whether he acquired beneficial ownership of the shares before the date required to be set forth in the dissenters’ notice pursuant to section 30.0192(b)(3), and deposit his certi…
A.S.C.A. § 30.0194 Share restrictions
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(a) The corporation may restrict the transfer of uncertificated shares from the date the demand for their payment is received until the proposed corporate action is taken or the restrictions released under section 30.0196. (b) The person for whom dissenters’ rights are asserted a…
A.S.C.A. § 30.0195 Payment
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(a) Except as provided in section 30.0197, as soon as the proposed corporate action is taken, or upon receipt of a payment demand, the corporation shall pay each dissenter who complied with section 30.0193 the amount the corporation estimates to be the fair value of his shares, p…
A.S.C.A. § 30.0196 Failure to take action
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(a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment and depositing share certificates, the corporation shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares. (b) …
A.S.C.A. § 30.0197 After acquired shares
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(a) A corporation may elect to withhold payment required by section 30.0195 from a dissenter unless he was the beneficial owner of the shares before the date set forth in the dissenters’ notice as the date of the first announcement to news media or to shareholders of the terms of…
A.S.C.A. § 30.0198 Procedure if shareholder dissatisfied with payment or offer
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(a) A dissenter may notify the corporation in writing of his own estimate of the fair value of his shares and amount of interest due, and demand payment of his estimate (less any payment under section 30.0195), or reject the corporation’s offer under section 30.0197 and demand pa…
A.S.C.A. § 30.0199 Court action-Court costs and counsel fees
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(a) If a demand for payment under section 30.0198 remains unsettled, the corporation shall commence a proceeding within 60 days after receiving the payment demand and petition the court to determine the fair value of the shares and accrued interest. If the corporation does not co…