Section 3-707 - Redemption rights. - Maryland Statutes

§ 3-707. Redemption rights.
 

(a)  Upon delivery of acquiring person statement.- Unless the charter or bylaws provide otherwise, if an acquiring person statement has been delivered on or before the 10th day after the control share acquisition, the corporation may, at its option, redeem any or all control shares, except control shares for which voting rights have been previously approved under § 3-702 of this subtitle, at any time during a 60-day period commencing on the day of a meeting at which voting rights are considered under § 3-704 of this subtitle and are not approved. 

(b)  In absence of delivery of acquiring person statement.- In addition to the redemption rights authorized under subsection (a) of this section, unless the charter or bylaws provide otherwise, if an acquiring person statement has not been delivered on or before the 10th day after the control share acquisition, the corporation may, at its option, redeem any or all control shares, except control shares for which voting rights have been previously approved under § 3-702 of this subtitle, at any time during a period commencing on the 11th day after the control share acquisition and ending 60 days after a statement has been delivered. 

(c)  Fair value.- Any redemption of control shares under this section shall be at the fair value of the shares. For purposes of this section, "fair value" shall be determined: 

(1) As of the date of the last acquisition of control shares by the acquiring person in a control share acquisition or, if a meeting is held under § 3-704 of this subtitle, as of the date of the meeting; and 

(2) Without regard to the absence of voting rights for the control shares. 
 

[1989, ch. 51.]