REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment, the corporation shall release the transfer restrictions imposed on shares.
(b) If, after releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters' notice under Section 10A-2-13.22 and repeat the payment demand procedure.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 2 - Business Corporations.
Article 13 - Dissenters' Rights.
Division B - Procedure for Exercise of Dissenters' Rights.
Section 10A-2-13.20 - Notice of Dissenters' Rights.
Section 10A-2-13.21 - Notice of Intent to Demand Payment.
Section 10A-2-13.22 - Dissenters' Notice.
Section 10A-2-13.23 - Duty to Demand Payment.
Section 10A-2-13.24 - Share Restriction.
Section 10A-2-13.25 - Offer of Payment.
Section 10A-2-13.26 - Failure to Take Corporate Action.
Section 10A-2-13.28 - Procedure if Shareholder Dissatisfied With Offer to Payment.