(a) If the corporation does not take the proposed action within sixty days after the date set for demanding payment and depositing share certificates, the corporation, within the same sixty-day period, 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 33-13-220 and repeat the payment demand procedure.
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Code Sections 7706, 7759; 1925 (34) 246; 1926 (34) 1052; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 2]; 1988 Act No. 444, Section 2.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.