16-10a-1902. Shareholder cause of action -- Relief.
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/ut/title-16/chapter-10a/16-10a-1902A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/14/2019
16-10a-1902. Shareholder cause of action -- Relief.
(1)A shareholder of a closely held corporation who is injured by oppressive conduct may bring a private cause of action against the closely held corporation.
(a)If a court finds that oppressive conduct toward the shareholder occurred, the court shall order one or more persons described in Subsection (2)(b) to purchase the injured shareholder's shares in the closely held corporation at fair value.
(b)A court may order that any of the following purchase the shares of the shareholder as described in Subsection (2)(a) :
(i)the closely held corporation;
(ii)an officer of the closely held corporation;
(iii)a director of the closely held corporation; or
(iv)a shareholder of the closely held corporation that is responsible for the oppressive conduct.
Enacted by Chapter 272 , 2019 General Session