§ 8-4-21-2 — Dissenting shareholders; arbitration of claims

A stockholder who, at such meeting, votes
against such sale and then, within ten (10) days thereafter, signifies, in
writing, to the purchasing company that the stockholder desires to
dispose of the stockholder's stock in the selling company shall be
entitled to receive from such purchasing company the average market
value of the stockholder's stock for the six (6) months next preceding
the day of the meeting of the selling company at which the sale is
approved, on the surrender of the stockholder's stock. If the purchasing
company and the stockholder can not agree as to the value of the stock,
the parties may submit the question to arbitration, to be conducted in
accordance with the provision of law regulating arbitration, so far as
applicable, by three (3) disinterested persons, to be appointed upon the
motion of either of the parties by the judge of the circuit court, superior
court, or probate court of the county in which the owner of the stock
resides, or in case the owner of the stock is nonresident of the state or
of any county through or into which the road passes, then any county
in which the road so sold passes.
Formerly: Acts 1913, c.169, s.3. As amended by P.L.84-2016,
SEC.39.