(1)  A shareholder who is given a dissenters’ notice described in Section 16-10a-1322, who meets the requirements of Section 16-10a-1321, and wishes to assert dissenters’ rights shall, in accordance with the terms of the dissenters’ notice:

Terms Used In Utah Code 16-10a-1323

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Notice: is a s provided in Section 16-10a-103. See Utah Code 16-10a-102
  • Person: means :Utah Code 68-3-12.5
  • Receive: when used in reference to receipt of a writing or other document by a domestic or foreign corporation, means the writing or other document is actually received by:
(a) the corporation at its:
(i) registered office in this state; or
(ii) principal office;
(b) the secretary of the corporation, wherever the secretary is found; or
(c) another person authorized by the bylaws or the board of directors to receive the writing or other document, wherever that person is found. See Utah Code 16-10a-102
  • Share: means the unit into which the proprietary interests in a corporation are divided. See Utah Code 16-10a-102
  • Shareholder: means :
    (i) the person in whose name a share is registered in the records of a corporation; or
    (ii) the beneficial owner of a share to the extent recognized pursuant to Section 16-10a-723. See Utah Code 16-10a-102
  • Writing: includes :Utah Code 68-3-12.5
    • (a)  cause the corporation to receive a payment demand, which may be the payment demand form contemplated in Subsection 16-10a-1322(2)(d), duly completed, or may be stated in another writing;

    (b)  deposit certificates for his certificated shares in accordance with the terms of the dissenters’ notice; and

    (c)  if required by the corporation in the dissenters’ notice described in Section 16-10a-1322, as contemplated by Section 16-10a-1327, certify in writing, in or with the payment demand, whether or not he or the person on whose behalf he asserts dissenters’ rights acquired beneficial ownership of the shares before the date of the first announcement to news media or to shareholders of the terms of the proposed corporate action creating dissenters’ rights under Section 16-10a-1302.

    • (2)  A shareholder who demands payment in accordance with Subsection (1) retains all rights of a shareholder except the right to transfer the shares until the effective date of the proposed corporate action giving rise to the exercise of dissenters’ rights and has only the right to receive payment for the shares after the effective date of the corporate action.

    (3)  A shareholder who does not demand payment and deposit share certificates as required, by the date or dates set in the dissenters’ notice, is not entitled to payment for shares under this part.

    Amended by Chapter 378, 2010 General Session

      Previous section
    Next section  
     Part 13 Contents

    LawServer is used by

    New York Times, IRS, USDA, UCLA, DOT