§ 1576. Failure to comply with notice to demand payment, etc.

169 words·~1 min read·/pa/title-15/chapter-15/1576

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

(a)Effect of failure of shareholder to act.-- A shareholder who fails to timely demand payment, or fails (in the case of certificated shares) to timely deposit certificates, as required by a notice pursuant to section 1575 (relating to notice to demand payment) shall not have any right under this subchapter to receive payment of the fair value of his shares.

(b)Restriction on uncertificated shares.-- If the shares are not represented by certificates, the business corporation may restrict their transfer from the time of receipt of demand for payment until effectuation of the proposed corporate action or the release of restrictions under the terms of section 1577(a) (relating to failure to effectuate corporate action).

(c)Rights retained by shareholder.-- The dissenter shall retain all other rights of a shareholder until those rights are modified by effectuation of the proposed corporate action.

15c1576v

(Dec. 19, 1990, P.L.834, No.198, eff. imd.)

1990 Amendment. Act 198 amended subsec. (a).

15c1577s