§ 47-33-16 — Application of chapter to acquiring person--Application to non

(1) If a corporation is a domestic public corporation as of the acquiring person's share acquisition date, this chapter shall continue to apply to such corporation with respect to such acquiring person and its affiliates and associates, regardless of changes in the corporation which occur on or after that date which would otherwise result in the corporation ceasing to be a domestic public corporation, if such changes result, directly or indirectly, from action taken or proposed by or on behalf of, or pursuant to any written or unwritten agreement, arrangement, relationship, understanding, or otherwise with, the acquiring person or any affiliate or associate of the acquiring person, or from the transactions by which the person became an acquiring person or an interested shareholder. (2) In addition to domestic public corporations, §§ 47-33-8 to , inclusive, shall also apply to a control share acquisition of shares of other domestic corporations that meet the requirements of a domestic public corporation except that the corporation is not a publicly - held corporation, if an express provision electing to be subject to §§ 47-33-8 to , inclusive, is contained in the articles of such corporation and the control share acquisition occurs after the effective date of the provision, in which event the term "domestic public corporation" as used in §§ 47-33-1 to 47-33-7 , inclusive, and §§ 47-33-8 to , inclusive, shall be deemed to include such electing domestic corporation.

Legislative History

SL 1990, ch 369, § 209.