(a) If the corporation does not take the proposed action within sixty (60) 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.
(b) If after returning deposited certificates and releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters' notice under § 4-27-1322 and repeat the payment demand procedure.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 27 - Business Corporation Act of 1987
Subchapter 13 - Dissenters' Rights
Part B - : Procedure for Exercise of Dissenters' Rights
§ 4-27-1320. Notice of dissenters' rights
§ 4-27-1321. Notice of intent to demand payment
§ 4-27-1322. Dissenters' notice
§ 4-27-1323. Duty to demand payment
§ 4-27-1324. Share restrictions
§ 4-27-1326. Failure to take action
§ 4-27-1327. After-acquired shares
§ 4-27-1328. Procedure if shareholder dissatisfied with payment or offer