351.920. Withholding of payment from dissenter--grounds. - Missouri Statutes

Withholding of payment from dissenter--grounds.

351.920. 1. A corporation may elect to withhold paymentrequired by section 351.910 from a dissenter unless he was thebeneficial owner of the shares before the date set forth in thedissenters' notice as the date of the first announcement to newsmedia or to the shareholders of the terms of the proposedcorporate action.

2. To the extent the corporation elects to withhold paymentunder subsection 1 of this section, after taking the proposedcorporate action, it shall estimate the fair value of the sharesand shall pay this amount to each dissenter who agrees to acceptit in full satisfaction of his demand. The corporation shallsend with its offer a statement of its estimate of the fairvalue of the shares and a statement of the dissenters' right todemand payment under section 351.925.

(L. 1990 H.B. 1432)