Revised Code of Washington
Chapter 24.06 - Nonprofit Miscellaneous and Mutual Corporations Act.
24.06.245 - Right of member or shareholder to dissent.

RCW 24.06.245
Right of member or shareholder to dissent.

Any member or shareholder of a corporation shall have the right to dissent from any of the following corporate actions:
(1) Any plan of merger or consolidation to which the corporation is a party other than a merger or consolidation in which all members or shareholders of the corporation have the right to continue their membership or shareholder status in the surviving corporation on substantially similar terms; or
(2) Any sale or exchange of all or substantially all of the property and assets of the corporation not made in the usual and regular course of its business, including a sale in dissolution, but not including a sale pursuant to an order of a court having jurisdiction in the premises or a sale for cash on terms requiring that all or substantially all of the net proceeds of sale be distributed to the shareholders in accordance with their respective interests within one year after the date of sale; or
(3) Any amendment to the articles of incorporation that materially reduces the number of shares owned by a shareholder to a fraction of a share if the fractional share is to be acquired by the corporation for cash; or
(4) Any corporate action taken pursuant to a member or shareholder vote to the extent that the articles of incorporation, bylaws, or a resolution of the board of directors provides that voting or nonvoting members or shareholders are entitled to dissent and obtain payment for their membership or shares.
A member or shareholder entitled to dissent and obtain payment for the member's or shareholder's membership interest or shares under this chapter may not challenge the corporate action creating the member's or shareholder's entitlement unless the action fails to comply with the procedural requirements imposed by this title, the articles of incorporation, or the bylaws, or is fraudulent with respect to the member or shareholder or the corporation.
The provisions of this section shall not apply to the members or shareholders of the surviving corporation in a merger if such corporation is on the date of the filing of the articles of merger the owner of all the outstanding shares of the other corporations, domestic or foreign, which are parties to the merger.
The meeting notice for any meeting at which a proposed corporate action creating dissenters' rights is submitted to a vote must state that members or shareholders are or may be entitled to assert dissenters' rights and be accompanied by a copy of RCW 24.06.250.

[ 2001 c 271 § 13; 1969 ex.s. c 120 § 49.]

Structure Revised Code of Washington

Revised Code of Washington

Title 24 - Corporations and Associations (Nonprofit)

Chapter 24.06 - Nonprofit Miscellaneous and Mutual Corporations Act.

24.06.005 - Definitions.

24.06.010 - Application of chapter.

24.06.015 - Purposes.

24.06.020 - Incorporators.

24.06.025 - Articles of incorporation.

24.06.030 - General powers.

24.06.032 - Additional rights and powers authorized.

24.06.035 - Nonprofit status—Members', officers' immunity from liability.

24.06.040 - Defense of ultra vires.

24.06.043 - Indemnification of agents of any corporation authorized.

24.06.045 - Corporate name.

24.06.046 - Reservation of exclusive right to use corporate name.

24.06.047 - Registration of corporate name.

24.06.048 - Renewal of registration of corporate name.

24.06.050 - Registered agent.

24.06.055 - Change of registered agent.

24.06.060 - Service of process on corporation.

24.06.065 - Members.

24.06.070 - Shares—Issuance—Payment—Subscription agreements.

24.06.075 - Shares—Consideration, fixing.

24.06.080 - Shares—Certificates.

24.06.085 - Liability of shareholders, subscribers, assignees, executors, trustees, etc.

24.06.090 - Preemptive share acquisition rights.

24.06.095 - Bylaws.

24.06.100 - Meetings of members and shareholders.

24.06.105 - Notice of meetings.

24.06.110 - Voting.

24.06.115 - Quorum.

24.06.120 - Class voting.

24.06.125 - Board of directors.

24.06.130 - Number and election of directors.

24.06.135 - Vacancies.

24.06.140 - Quorum of directors.

24.06.145 - Committees.

24.06.150 - Directors' meetings.

24.06.153 - Duties of director or officer—Standards—Liability.

24.06.155 - Officers.

24.06.160 - Books and records.

24.06.165 - Loans to directors or officers.

24.06.175 - Effect of filing of articles of incorporation.

24.06.180 - Organization meeting.

24.06.185 - Right to amend articles of incorporation.

24.06.190 - Procedure to amend articles of incorporation.

24.06.195 - Articles of amendment.

24.06.200 - Filing of articles of amendment—Procedure.

24.06.205 - When amendment becomes effective—Existing actions and rights not affected.

24.06.207 - Restated articles of incorporation.

24.06.210 - Procedure for merger.

24.06.215 - Procedure for consolidation.

24.06.220 - Approval of merger or consolidation.

24.06.225 - Articles of merger or consolidation.

24.06.230 - Merger or consolidation—When effected.

24.06.233 - Merger or consolidation of domestic and foreign corporation—Participation in an exchange.

24.06.235 - Effect of merger or consolidation.

24.06.240 - Sale, lease, exchange, etc., of property and assets.

24.06.245 - Right of member or shareholder to dissent.

24.06.250 - Exercise of right of dissent—Rights and liabilities.

24.06.255 - Payment of fair value to dissenting member or shareholder.

24.06.260 - Voluntary dissolution.

24.06.265 - Distribution of assets.

24.06.270 - Revocation of voluntary dissolution proceedings.

24.06.275 - Articles of dissolution.

24.06.280 - Filing of articles of dissolution.

24.06.285 - Involuntary dissolution.

24.06.290 - Proceedings for administrative dissolution—Reinstatement—Survival of actions.

24.06.295 - Venue and process.

24.06.300 - Jurisdiction of court to liquidate assets and dissolve corporation.

24.06.305 - Procedure in liquidation of corporation in court.

24.06.310 - Qualifications of receivers—Bond.

24.06.315 - Filing of claims in liquidation proceedings.

24.06.320 - Discontinuance of liquidation proceedings.

24.06.325 - Decree of involuntary dissolution.

24.06.330 - Filing of decree of dissolution.

24.06.335 - Survival of remedies after dissolution.

24.06.340 - Registration of foreign corporation—Right to conduct affairs in the state.

24.06.345 - Effect of registration—Governing law.

24.06.350 - Corporate name of foreign corporation.

24.06.360 - Foreign registration statement—Filing.

24.06.367 - Certificate of authority as insurance company—Filing of documents.

24.06.369 - Certificate of authority as insurance company—Registration or reservation of name.

24.06.370 - Authorization to conduct affairs in the state—Right of state to terminate registration.

24.06.375 - Registered agent of foreign corporation.

24.06.380 - Change of registered agent of foreign corporation.

24.06.385 - Resignation of registered agent.

24.06.390 - Service of process, notice, or demand on corporation.

24.06.395 - Failure to appoint or maintain agent—Service of process, notice, or demand.

24.06.400 - Amendment to articles of incorporation of foreign corporation.

24.06.405 - Merger of foreign corporation authorized to conduct affairs in this state.

24.06.410 - Amended foreign registration statement.

24.06.415 - Withdrawal of foreign corporation.

24.06.425 - Termination of registration.

24.06.435 - Conducting affairs without registering.

24.06.440 - Annual report of domestic and foreign corporations.

24.06.450 - Applicable fees, charges, and penalties.

24.06.462 - Fees for services by secretary of state.

24.06.465 - Penalties imposed upon corporation—Penalty established by secretary of state.

24.06.470 - Penalties imposed upon directors and officers.

24.06.475 - Interrogatories by secretary of state.

24.06.480 - Confidential nature of information disclosed by interrogatories.

24.06.485 - Power and authority of secretary of state.

24.06.490 - Duty of secretary of state to file—Review of refusal to file.

24.06.500 - Greater voting requirements.

24.06.505 - Waiver of notice.

24.06.510 - Action by members or directors without a meeting.

24.06.515 - Unauthorized assumption of corporate powers.

24.06.520 - Reinstatement and renewal of corporate existence—Fee.

24.06.525 - Reorganization of corporations or associations in accordance with this chapter.

24.06.600 - Locally regulated utilities—Attachments to poles.

24.06.610 - Tariff for irrigation pumping service—Authority for locally regulated utility to buy back electricity.

24.06.615 - Conversion of domestic corporation to limited cooperative association—Procedure.

24.06.900 - Short title.

24.06.905 - Existing liabilities not terminated—Continuation of corporate existence—Application of chapter.

24.06.920 - Effective date—1969 ex.s. c 120.