370.356. Shareholder may object to merger or consolidation, procedure--payment of value of shares. - Missouri Statutes

Shareholder may object to merger or consolidation, procedure--paymentof value of shares.

370.356. 1. If a shareholder of a credit union which is aparty to a merger or consolidation files with such credit union,prior to or at the meeting of shareholders or members at whichthe plan of merger or consolidation is submitted to a vote, awritten objection to such a plan of merger or consolidation, andshall not vote in favor thereof, and the shareholder within tendays after the merger or consolidation is effected, makes writtendemand on the surviving or new credit union for payment of thefair value of his share as of the day prior to the date on whichthe vote was taken approving the merger or consolidation, thesurviving or new credit union shall pay to such shareholder, uponsurrender of his pass book or other record representing theshares, the fair value thereof as reflected by the books of thecompany, not including any goodwill or statutory reserve fundthat may be had by the credit union.

2. The demand shall state the number of shares owned by thedissenting shareholder.

3. Any shareholder failing to make demand within the ten dayperiod shall be conclusively presumed to have consented to themerger or consolidation, and shall be bound by the terms thereof.

(L. 1955 p. 254 § 370.357)