Sec. 2. A stockholder who, at such meeting, votes against such sale and then, within ten (10) days thereafter, signifies, in writing, to the purchasing company that the stockholder desires to dispose of the stockholder’s stock in the selling company shall be entitled to receive from such purchasing company the average market value of the stockholder’s stock for the six (6) months next preceding the day of the meeting of the selling company at which the sale is approved, on the surrender of the stockholder’s stock. If the purchasing company and the stockholder can not agree as to the value of the stock, the parties may submit the question to arbitration, to be conducted in accordance with the provision of law regulating arbitration, so far as applicable, by three (3) disinterested persons, to be appointed upon the motion of either of the parties by the judge of the circuit court, superior court, or probate court of the county in which the owner of the stock resides, or in case the owner of the stock is nonresident of the state or of any county through or into which the road passes, then any county in which the road so sold passes.

Formerly: Acts 1913, c.169, s.3. As amended by P.L.84-2016, SEC.39.