Section 10-2B-13.26 Failure to take corporate action. - Alabama Statutes

Section 10-2B-13.26

Failure to take corporate action.

(a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment, the corporation shall release the transfer restrictions imposed on shares.

(b) If, after releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters' notice under Section 10-2B-13.22 and repeat the payment demand procedure.

(Acts 1994, No. 94-245, p. 343, §1.)