§ 13-4-110 — Dissenting shareholders

(a) The owner of shares of a state bank which were voted
against a merger to result in a state bank, or against the
conversion of a state bank into a national bank, are entitled to
receive their fair market value in cash, if and when the merger
or conversion becomes effective, upon written demand, made to
the resulting state or national bank at any time within thirty
(30) days after the effective date of the merger or conversion
accompanied by the surrender of the stock certificates. The
value of the shares shall be determined, as of the date of the
stockholders' meeting approving the merger or conversion, by
three (3) appraisers, one (1) to be selected by the owners of
two-thirds (2/3) of the dissenting shares involved, one (1) by
the board of directors of the resulting state or national bank,
and the third by the two (2) so chosen. The valuation agreed
upon by any two (2) appraisers shall govern. If the appraisal is
not completed within ninety (90) days after the merger or
conversion becomes effective the state banking commissioner
shall cause an appraisal to be made.
(b) The expenses of appraisal shall be paid by the
resulting bank.
(c) The resulting state or national bank may fix an amount
which it considers to be not more than the fair market value of
the shares of a merging or the converting bank at the time of
the stockholders' meeting approving the merger or conversion,
which it will pay dissenting shareholders of the bank entitled
to payment in cash. The amount due under the accepted offer or
under the appraisal shall constitute a debt of the resulting
bank.