16-10a-1326. Failure to take action.
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/ut/title-16/chapter-10a/16-10a-1326·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16-10a-1326. Failure to take action.
(1)If the effective date of the corporate action creating dissenters' rights under Section 16-10a-1302 does not occur within 60 days after the date set by the corporation as the date by which the corporation must receive payment demands as provided in Section 16-10a-1322 , the corporation shall return all deposited certificates and release the transfer restrictions imposed on uncertificated shares, and all shareholders who submitted a demand for payment pursuant to Section 16-10a-1323 shall thereafter have all rights of a shareholder as if no demand for payment had been made.
(2)If the effective date of the corporate action creating dissenters' rights under Section 16-10a-1302 occurs more than 60 days after the date set by the corporation as the date by which the corporation must receive payment demands as provided in Section 16-10a-1322 , then the corporation shall send a new dissenters' notice, as provided in Section 16-10a-1322 , and the provisions of Sections 16-10a-1323 through 16-10a-1328 shall again be applicable.
Enacted by Chapter 277 , 1992 General Session