§ 7-113-203 — Appraisal notice and form

(1) If a proposed corporate action
requiring appraisal rights under section 7-113-102 (1) becomes effective, the
corporation shall deliver a written appraisal notice and form to all shareholders that
may be entitled to assert appraisal rights.

(2) The appraisal notice required by subsection (1) of this section shall be
sent no earlier than the date the corporate action specified in section 7-113-102 (1)
became effective, and no later than ten days after that date, and must:

(a) Include a form that:

(I) Specifies the first date of any announcement to shareholders, made
before the date the corporate action became effective, of the principal terms of the
proposed corporate action;

(II) If the announcement was made, requires the shareholder asserting
appraisal rights to certify whether beneficial ownership of those shares for which
appraisal rights are asserted was acquired before that date; and

(III) Requires the shareholder asserting appraisal rights to certify that the
shareholder did not vote for or consent to the transaction;

(b) State:

(I) Where the form must be sent, where certificates for certificated shares
must be deposited, and the date by which those certificates must be deposited,
which date must not be earlier than the date for receiving the required form under
subsection (2)(b)(II) of this section;

(II) A date by which the corporation must receive the form, which date must
not be fewer than forty nor more than sixty days after the date the appraisal notice
and form are required to be sent pursuant to the introductory portion to subsection
(2) of this section, and state that the shareholder waives the right to demand
appraisal with respect to the shares unless the form is received by the corporation
by the specified date;

(III) The corporation's estimate of the fair value of the shares;

(IV) That, if requested in writing, the corporation will provide to the
shareholder so requesting, within ten days after the date specified in subsection
(2)(b)(II) of this section, a statement of the number of shareholders that return the
forms by the specified date and the total number of shares owned by them; and

(V) The date by which the notice to withdraw under section 7-113-204 must
be received, which date must be within twenty days after the date specified in
subsection (2)(b)(II) of this section; and

(c) Be accompanied by a copy of this article 113.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-086), ch. 166, p. 1954, � 56, effective July 1, 2020.