Utah Statutes
§ 61-6-11 — Shares subject to redemption.
(1)If authorized in a corporation's articles of incorporation or bylaws before a control share acquisition has occurred, an issuing public corporation may redeem, at fair market value, control shares acquired in a control share acquisition with respect to which no acquiring person statement has been filed with the issuing public corporation. Any such redemption shall be consummated according to the procedures adopted by the corporation and shall take place at any time within 60 days after the last acquisition of control shares by the acquiring person.
(2)Control shares acquired in a control share acquisition are not subject to redemption after an acquiring person statement has been filed, unless the shares are not accorded full voting rights by the shareholders as provided in Section 61
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Legislative History
Enacted by Chapter 2, 1987 Special Session 1; Enacted by Chapter 2, 1987 Special Session 1
Nearby Sections
15
§ 61-1-1
Fraud unlawful.§ 61-1-10
Registration by qualification.§ 61-1-101
Title.§ 61-1-102
Definitions.§ 61-1-103
Procedure for disclosure.§ 61-1-105
Remedies for employee bringing action.§ 61-1-106
Award for reporter.§ 61-1-13
Definitions.§ 61-1-14
Exemptions.