§ 1575. Notice to demand payment.

308 words·~1 min read·/pa/title-15/chapter-15/1575

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

(a)General rule.-- If the proposed corporate action is approved by the required vote at a meeting of shareholders of a business corporation, the corporation shall deliver a further notice to all dissenters who gave due notice of intention to demand payment of the fair value of their shares and who refrained from voting in favor of the proposed action. If the proposed corporate action is approved by the shareholders by less than unanimous consent without a meeting or is taken without the need for approval by the shareholders, the corporation shall deliver to all shareholders who are entitled to dissent and demand payment of the fair value of their shares a notice of the adoption of the plan or other corporate action. In either case, the notice shall:

(1)State where and when a demand for payment must be sent and certificates for certificated shares must be deposited in order to obtain payment.

(2)Inform holders of uncertificated shares to what extent transfer of shares will be restricted from the time that demand for payment is received.

(3)Supply a form for demanding payment that includes a request for certification of the date on which the shareholder, or the person on whose behalf the shareholder dissents, acquired beneficial ownership of the shares.

(4)Be accompanied by a copy of this subchapter.

(b)Time for receipt of demand for payment.-- The time set for receipt of the demand and deposit of certificated shares shall be not less than 30 days from the delivery of the notice.

15c1575v

(July 9, 2013, P.L.476, No.67, eff. 60 days; Oct. 22, 2014, P.L.2640, No.172, eff. July 1, 2015)

2014 Amendment. Act 172 amended subsecs.

(a)intro par. and (b).

Cross References. Section 1575 is referred to in sections 1576, 1577, 1579, 2512 of this title.

15c1576s