South Carolina Statutes
§ 33-13-260 — Failure to take action.
(a)If the corporation does not take the proposed action within sixty days after the date set for demanding payment and depositing share certificates, the corporation, within the same sixty-day period, shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares.
(b)If, after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters' notice under Section 33-13-220 and repeat the payment demand procedure.
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South Carolina § 33-13-260 (Failure to take action.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Derived from 1976 Code SECTION 33-11-270 [1962 Code SECTION 12-16.27; 1952 Code SECTIONS 12-459 to 12-462, 12-633 to 12-635; 1942 Code SECTIONS 7706, 7759; 1932 Code SECTIONS 7706, 7759; 1925 (34) 246; 1926 (34) 1052; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2]; 1988 Act No. 444, SECTION 2.
Nearby Sections
14
§ 33-13-101
Definitions.§ 33-13-102
Right to dissent.§ 33-13-103
Dissent by nominees and beneficial owners.§ 33-13-200
Notice of dissenters' rights.§ 33-13-210
Notice of intent to demand payment.§ 33-13-220
Dissenters' notice.§ 33-13-230
Shareholders' payment demand.§ 33-13-240
Share restrictions.§ 33-13-250
Payment.§ 33-13-260
Failure to take action.§ 33-13-270
After-acquired shares.§ 33-13-300
Court action.§ 33-13-310
Court costs and counsel fees.