§ 23-1-44-18 — Dissenters' estimate of fair value; demand for payment; waiver

Indiana § 23-1-44-18

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

Text

(a) A dissenter may notify the corporation in
writing of the dissenter's own estimate of the fair value of the
dissenter's shares and demand payment of the dissenter's estimate (less
any payment under section 15 of this chapter), or reject the
corporation's offer under section 17 of this chapter and demand
payment of the fair value of the dissenter's shares, if:
(1) the dissenter believes that the amount paid under section 15
of this chapter or offered under section 17 of this chapter is less
than the fair value of the dissenter's shares;
(2) the corporation fails to make payment under section 15 of this
chapter within sixty (60) days after the date set for demanding
payment; or
(3) the corporation, having failed to take the proposed action,
does not return the deposited certificates or release the transfer
restrictions imposed on uncertificated shares within sixty (60)
days after the date set for demanding payment.
(b) A dissenter waives the right to demand payment under this
section unless the dissenter notifies the corporation of the dissenter's
demand in writing under subsection (a) within thirty (30) days after the
corporation made or offered payment for the dissenter's shares.

Legislative History

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