(a) If proposed corporate action creating dissenters' rights under Section 33-13-102 is submitted to a vote at a shareholders' meeting, a shareholder who wishes to assert dissenters' rights (1) must give to the corporation before the vote is taken written notice of his intent to demand payment for his shares if the proposed action is effectuated and (2) must not vote his shares in favor of the proposed action. A vote in favor of the proposed action cast by the holder of a proxy solicited by the corporation shall not disqualify a shareholder from demanding payment for his shares under this chapter.
(b) A shareholder who does not satisfy the requirements of subsection (a) is not entitled to payment for his shares under this chapter.
HISTORY: Derived from 1976 Code Section 33-11-270 [1962 Code Section 12-16.27; 1952 Code Sections 12-459 to 12-462, 12-633 to 12-635; 1942 Code Sections 7706, 7759; 1932 Code Sections 7706, 7759; 1925 (34) 246; 1926 (34) 1052; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 2]; 1988 Act No. 444, Section 2.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 13 - Dissenters' Rights
Section 33-13-101. Definitions.
Section 33-13-102. Right to dissent.
Section 33-13-103. Dissent by nominees and beneficial owners.
Section 33-13-200. Notice of dissenters' rights.
Section 33-13-210. Notice of intent to demand payment.
Section 33-13-220. Dissenters' notice.
Section 33-13-230. Shareholders' payment demand.
Section 33-13-240. Share restrictions.
Section 33-13-260. Failure to take action.
Section 33-13-270. After-acquired shares.
Section 33-13-280. Procedure if shareholder dissatisfied with payment or offer.