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Ind. Code § 23-1-44-13

Demand for payment and deposit of shares by shareholder

Known as the Indiana Business Corporation Law

The act spans §§ 23-1-17-1 to 23-1-55-3 (253 sections).

Applied in 1 court decision — leading case Young v. General Acceptance Corp. (2000)

Most recently applied in Young v. General Acceptance Corp. (November 2000)

As added by P.L.149-1986, SEC.28.

Sec. 13. (a) A shareholder sent a dissenters' notice described in IC 23-1-42-11 or in section 12 of this chapter must demand payment, certify whether the shareholder acquired beneficial ownership of the shares before the date required to be set forth in the dissenter's notice under section 12(b)(3) of this chapter, and deposit the shareholder's certificates in accordance with the terms of the notice.

(b) The shareholder who demands payment and deposits the shareholder's shares under subsection (a) retains all other rights of a shareholder until these rights are cancelled or modified by the taking of the proposed corporate action.

(c) A shareholder who does not demand payment or deposit the shareholder's share certificates where required, each by the date set in the dissenters' notice, is not entitled to payment for the shareholder's shares under this chapter and is considered, for purposes of this article, to have voted the shareholder's shares in favor of the proposed corporate action.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.