A. If the corporation does not take the proposed action within sixty days after the date set for demanding payment and depositing share certificates, the corporation shall return the deposited certificates and release the transfer restrictions imposed on uncertificated shares.

Terms Used In Arizona Laws 10-1326

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • 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.
  • Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140

B. If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it shall send a new dissenters’ notice under section 10-1322 and shall repeat the payment demand procedure.

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