Notice required upon withholding of payment for after-acquired shares

If the corporation elected to withhold payment under § 47-1A-1325 , the corporation must, within thirty days after the form required by subsection 47-1A-1322.1 (2)(b) is due, notify all shareholders who are described in § 47-1A-1325 : (1) Of the information required by subdivision 47-1A-1324(1); (2) Of the corporation's estimate of fair value pursuant to subdivision 47-1A-1324(2); (3) That they may accept the corporation's estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under § 47-1A-1326 ; (4) That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation's offer within thirty days after receiving the offer; and (5) That those shareholders who do not satisfy the requirements for demanding appraisal under § 47-1A-1326 shall be deemed to have accepted the corporation's offer. Source: SL 2005, ch 239 , § 296.