A.  A corporation may elect to withhold payment required by La. Rev. Stat. 12:1-1324 from any shareholder who was required to, but did not, certify that beneficial ownership of all of the shareholder’s shares for which appraisal rights are asserted was acquired before the date specified in the appraisal notice sent in accordance with La. Rev. Stat. 12:1-1322(B)(1) and La. Rev. Stat. 12:1-1322(C).

B.  If the corporation elects to withhold payment under Subsection A of this Section, it must, within thirty days after the form required by La. Rev. Stat. 12:1-1322(B)(2)(b) is due, notify all shareholders who are described in Subsection A of this Section of all of the following:

(1)  The information required by La. Rev. Stat. 12:1-1324(B)(1).

(2)  The corporation’s estimate of fair value pursuant to La. Rev. Stat. 12:1-1324(B)(2).

(3)  That they may accept the corporation’s estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under La. Rev. Stat. 12:1-1326.

(4)  That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation’s offer within thirty days after receiving the offer.

(5)  That those shareholders who do not satisfy the requirements for demanding appraisal under La. Rev. Stat. 12:1-1326 shall be deemed to have accepted the corporation’s offer.

C.  Within ten days after receiving the shareholder’s acceptance pursuant to Subsection B of this Section, the corporation must pay in cash the amount it offered under Paragraph (B)(2) of this Section to each shareholder who agreed to accept the corporation’s offer in full satisfaction of the shareholder’s demand.

D.  Within forty days after sending the notice described in Subsection B of this Section, the corporation must pay in cash the amount it offered to pay under Paragraph (B)(2) of this Section to each shareholder described in Paragraph (B)(5) of this Section.

Acts 2014, No. 328, §1, eff. Jan. 1, 2015.