§ 8-4-21-3 — Dissenting shareholders; arbitration of claims; deposit of award with court

If such stockholder refuses for a period of ten
(10) days after request therefor to submit the question to arbitration,
then, upon the application of a director of either the purchasing or
selling company, the proper judge shall appoint the arbitrators, who
shall proceed and ascertain the value of the stock as if the question had
been submitted by consent of both parties. If the party owning the stock
refuses to receive the amount awarded, the company may deposit it
with the clerk of the circuit court of the county in which the arbitration
is held, which deposit shall operate as if payment was made to the
owner of the stock. If the owner of the stock shall accept the award of
the arbitrators, he shall surrender his stock certificates.
Formerly: Acts 1913, c.169, s.4.