Sec. 16. (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 section 12 of this chapter and repeat the payment demand procedure.
As added by P.L.149-1986, SEC.28.
Structure Indiana Code
Title 23. Business and Other Associations
Article 1. Indiana Business Corporation Law
Chapter 44. Dissenters' Rights
23-1-44-4.5. "Preferred Shares"
23-1-44-5. "Record Shareholder"
23-1-44-6. "Beneficial Shareholder"
23-1-44-8. Right to Dissent and Obtain Payment for Shares
23-1-44-9. Dissenters' Rights of Beneficial Shareholder
23-1-44-10. Proposed Action Creating Dissenters' Rights; Notice
23-1-44-11. Proposed Action Creating Dissenters' Rights; Assertion of Dissenters' Rights
23-1-44-12. Dissenters' Notice; Contents
23-1-44-13. Demand for Payment and Deposit of Shares by Shareholder
23-1-44-14. Uncertificated Shares; Restriction on Transfer; Dissenters' Rights
23-1-44-15. Payment to Dissenter
23-1-44-16. Failure to Take Action; Return of Certificates; New Action by Corporation
23-1-44-18. Dissenters' Estimate of Fair Value; Demand for Payment; Waiver
23-1-44-19. Court Proceeding to Determine Fair Value; Judicial Appraisal