Kentucky Statutes 271B.13-260 – Failure to take action
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(1) If the corporation does not take the proposed action within sixty (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.
(2) If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it shall send a new dissenters’ notice under KRS § 271B.13-220 and repeat the payment demand procedure.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 132, effective January 1, 1989.
(2) If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it shall send a new dissenters’ notice under KRS § 271B.13-220 and repeat the payment demand procedure.
Terms Used In Kentucky Statutes 271B.13-260
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the issuer of the shares held by a dissenter, except that in the case of a merger where the issuing corporation is not the surviving corporation, then, after consummation of the merger, "corporation" shall mean the surviving corporation. See Kentucky Statutes 271B.13-010
- Share: means the unit into which the proprietary interests in a corporation are divided. See Kentucky Statutes 271B.1-400
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 132, effective January 1, 1989.