30.0196 Failure to take action.

Cite as [A.S.C.A. § 30.0196]

(a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment and depositing share certificates, the corporation 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 30.0192 and repeat the payment demand procedure.

History: 2000, PL 26-23.