(a) A shareholder sent a dissenters' notice described in Section 33-13-220 must demand payment, certify whether he (or the beneficial shareholder on whose behalf he is asserting dissenters' rights) acquired beneficial ownership of the shares before the date set forth in the dissenters' notice pursuant to Section 33-13-220(b)(3), and deposit his certificates in accordance with the terms of the notice.
(b) The shareholder who demands payment and deposits his share certificates under subsection (a) retains all other rights of a shareholder until these rights are canceled or modified by the taking of the proposed corporate action.
(c) A shareholder who does not comply substantially with the requirements that he demand payment and deposit his share certificates where required, each by the date set in the dissenters' notice, 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Code Sections 7706, 7759; 1925 (34) 246; 1926 (34) 1052; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 2]; 1988 Act No. 444, Section 2.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.