Upon delivery of an acquiring person statement under Section 61-6-7, an acquiring person may request a special meeting of shareholders if the acquiring person gives an undertaking to pay the corporation‘s expenses of the special meeting within 10 days after the date of the meeting. After receiving the request, the directors of the issuing public corporation shall call a special meeting of shareholders of the issuing public corporation for the purpose of considering the voting rights to be accorded the shares acquired or to be acquired in the control share acquisition.
Terms Used In Utah Code 61-6-8
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.
issuing public corporation: means a corporation, other than a depository institution, that is organized under the laws of this state and that has:
(a)
100 or more shareholders;
(b)
its principal place of business, its principal office, or substantial assets within the state; and
(c)
(i)
more than 10% of its shareholders resident in the state;
(ii)
more than 10% of its shares owned by Utah residents; or
Unless the acquiring person agrees in writing to another date, the special meeting of shareholders shall be held within 50 days after receipt by the issuing public corporation of the request.
(3)
If no request is made, the voting rights to be accorded the shares acquired in the control share acquisition shall be presented to the next special or annual meeting of shareholders.
(4)
If the acquiring person so requests in writing at the time of delivery of the acquiring person statement, the special meeting may not be held sooner than 30 days after receipt by the issuing public corporation of the acquiring person statement.
Enacted by Chapter 2, 1987 Special Session 1 Enacted by Chapter 2, 1987 Special Session 1
