§ 23-1-42-11 — Dissenters' rights; "fair value" defined

Indiana § 23-1-42-11

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 42: Control Share Acquisitions

Text

(a) Unless otherwise provided in a
corporation's articles of incorporation or bylaws before a control share
acquisition has occurred, in the event control shares acquired in a
control share acquisition are accorded full voting rights and the
acquiring person has acquired control shares with a majority or more
of all voting power, all shareholders of the issuing public corporation
have dissenters' rights as provided in this chapter.
(b) As soon as practicable after such events have occurred, the
board of directors shall cause a notice to be sent to all shareholders of
the corporation advising them of the facts and that they have dissenters'
rights to receive the fair value of their shares pursuant to IC 23-1-44.
(c) As used in this section, "fair value" means a value not less than
the highest price paid per share by the acquiring person in the control
share acquisition.

Legislative History

As added by P.L.149-1986, SEC.26.