§ 23-1-44-13 — Demand for payment and deposit of shares by shareholder

Indiana § 23-1-44-13

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 44: Dissenters' Rights

Text

(a) A shareholder sent a dissenters' notice
described in IC 23-1-42-11 or in section 12 of this chapter must
demand payment, certify whether the shareholder acquired beneficial
ownership of the shares before the date required to be set forth in the
dissenter's notice under section 12(b)(3) of this chapter, and deposit the
shareholder's certificates in accordance with the terms of the notice.
(b) The shareholder who demands payment and deposits the
shareholder's shares under subsection (a) retains all other rights of a
shareholder until these rights are cancelled or modified by the taking
of the proposed corporate action.
(c) A shareholder who does not demand payment or deposit the
shareholder's share certificates where required, each by the date set in
the dissenters' notice, is not entitled to payment for the shareholder's
shares under this chapter and is considered, for purposes of this article,
to have voted the shareholder's shares in favor of the proposed
corporate action.

Legislative History

As added by P.L.149-1986, SEC.28.