§ 7-113-204 — Perfection of rights - right to withdraw

(1) A shareholder that
receives notice pursuant to section 7-113-203 and that wishes to exercise appraisal
rights must sign and return the form sent by the corporation and, in the case of
certificated shares, deposit the shareholder's certificates in accordance with the
terms of the notice by the date referred to in the notice given pursuant to section 7-113-203 (2)(b)(II). In addition, if applicable, the shareholder must certify on the form
whether the beneficial owner of the shares acquired beneficial ownership of the
shares before the date required to be set forth in the notice pursuant to section 7-113-203 (2)(a). If a shareholder fails to make this certification, the corporation may
elect to treat the shareholder's shares as after-acquired shares under section 7-113-206. Once a shareholder deposits that shareholder's certificates or, in the case
of uncertificated shares, returns the signed forms, that shareholder loses all rights
as a shareholder unless the shareholder withdraws pursuant to subsection (2) of
this section.

(2) A shareholder who has complied with subsection (1) of this section may
nevertheless decline to exercise appraisal rights and withdraw from the appraisal
process by so notifying the corporation in writing by the date set forth in the
appraisal notice given pursuant to section 7-113-203 (2)(b)(V). A shareholder that
fails to so withdraw from the appraisal process may not thereafter withdraw
without the corporation's written consent.

(3) A shareholder that does not sign and return the form and, in the case of
certified shares, deposit that shareholder's share certificates where required, each
by the date set forth in the notice described in section 7-113-203 (2), is not entitled
to payment under this article 113.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-086), ch. 166, p. 1955, � 56, effective July 1, 2020.