Shareholder right to avoid dissolution by purchase of petitioner shares--Notice

Within ten days of the commencement of a proceeding under subdivision 47-1A-1430(2) to dissolve a corporation that has no shares listed on a national securities exchange or regularly traded in a market maintained by one or more members of a national or affiliated securities association, the corporation shall send to all shareholders, other than the petitioner, a notice stating that the shareholders are entitled to avoid the dissolution of the corporation by electing to purchase the petitioner's shares under §§ 47-1A-1434 to 47-1A-1434.7 , inclusive and accompanied by a copy of §§ 47-1A-1434 to 47-1A-1434.7 , inclusive. Source: SL 2005, ch 239 , § 335.