[§414-359] Procedure if shareholder dissatisfied with payment or offer.

211 words·~1 min read·/hi/chapter-414/414-359

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A dissenter may notify the corporation in writing of the dissenter's own estimate of the fair value of the dissenter's shares and amount of interest due, and demand payment of the dissenter's estimate (less any payment under section 414-356), or reject the corporation's offer under section 414-358 and demand payment of the fair value of the dissenter's shares and interest due, if:

(1)The dissenter believes that the amount paid under section 414-356 or offered under section 414-358 is less than the fair value of the dissenter's shares or that the interest due is incorrectly calculated;

(2)The corporation fails to make payment under section 414-356 within sixty days after the date set for demanding payment; or

(3)The corporation, having failed to take the proposed action, does not return the deposited certificates or release the transfer restrictions imposed on uncertificated shares within sixty days after the date set for demanding payment.

(b)A dissenter waives the dissenter's right to demand payment under this section unless the dissenter notifies the corporation of the dissenter's demand in writing under subsection

(a)within thirty days after the corporation made or offered payment for the dissenter's shares. [L 2000, c 244, pt of §1]