LegalFix
Sign In

§ 47-1A-1325.1 Notice required upon withholding of payment for after-acquired shares.

SD Codified L § 47-1A-1325.1 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

47-1A-1325.1. Notice required upon withholding of payment for after-acquired shares. If the corporation elected to withhold payment under § 47-1A-1325, the corporation must, within thirty days after the form required by subsection 47-1A-1322.1(2)(b) is due, notify all shareholders who are described in § 47-1A-1325:

(1) Of the information required by subdivision 47-1A-1324(1);

(2) Of the corporation's estimate of fair value pursuant to subdivision 47-1A-1324(2);

(3) That they may accept the corporation's estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under § 47-1A-1326;

(4) That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation's offer within thirty days after receiving the offer; and

(5) That those shareholders who do not satisfy the requirements for demanding appraisal under § 47-1A-1326 shall be deemed to have accepted the corporation's offer.Source: SL 2005, ch 239, § 296.

Previous Section
§ 47-1A-1325 Withholding of payment for after-acquired shares.
Next Section
§ 47-1A-1325.2 Payment for shares upon shareholder acceptance of offer in notice.