Kentucky Statutes 271B.13-230 – Duty to demand payment
Current as of: 2024 | Check for updates
|
Other versions
(1) A shareholder who is sent a dissenters’ notice described in KRS § 271B.13-220 shall 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 subsection (2)(c) of KRS § 271B.13-220, and deposit his certificates in accordance with the terms of the notice.
(2) The shareholder who demands payment and deposits his share certificates under subsection (1) of this section shall retain all other rights of a shareholder until these rights are canceled or modified by the taking of the proposed corporate action.
(3) A shareholder who does not demand payment or deposit his share certificates where required, each by the date set in the dissenters’ notice, shall not be entitled to payment for his shares under this subtitle.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 129, effective January 1, 1989.
(2) The shareholder who demands payment and deposits his share certificates under subsection (1) of this section shall retain all other rights of a shareholder until these rights are canceled or modified by the taking of the proposed corporate action.
Terms Used In Kentucky Statutes 271B.13-230
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Share: means the unit into which the proprietary interests in a corporation are divided. See Kentucky Statutes 271B.1-400
- Shareholder: means the record shareholder or the beneficial shareholder. See Kentucky Statutes 271B.13-010
(3) A shareholder who does not demand payment or deposit his share certificates where required, each by the date set in the dissenters’ notice, shall not be entitled to payment for his shares under this subtitle.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 129, effective January 1, 1989.