30.0193 Duty to demand payment.

Cite as [A.S.C.A. § 30.0193]

(a) A shareholder sent a dissenters’ notice described in section 30.0192 must demand payment, certify whether he acquired beneficial ownership of the shares before the date required to be set forth in the dissenters’ notice pursuant to section 30.0192(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 section (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 demand payment or deposit his share certificates where required, each by the date set in the dissenters’ notice, is entitled to payment for his shares under this chapter.

History: 2000, PL 26-23.