§ 55-13-30. Court action. - North Carolina Statutes

Part 3. Judicial Appraisal ofShares.

§ 55‑13‑30.  Courtaction.

(a)        If a demand forpayment under G.S. 55‑13‑28 remains unsettled, the dissenter maycommence a proceeding within 60 days after the earlier of (i) the date paymentis made under G.S. 55‑13‑25, or (ii) the date of the dissenter'spayment demand under G.S. 55‑13‑28 by filing a complaint with theSuperior Court Division of the General Court of Justice to determine the fairvalue of the shares and accrued interest. A dissenter who takes no action withinthe 60‑day period shall be deemed to have withdrawn his dissent anddemand for payment.

(a1)      Repealed by SessionLaws 1997‑202, s. 4.

(b)        Reserved for futurecodification purposes.

(c)        The court shallhave the discretion to make all dissenters (whether or not residents of thisState) whose demands remain unsettled parties to the proceeding as in an actionagainst their shares and all parties must be served with a copy of thecomplaint. Nonresidents may be served by registered or certified mail or by publicationas provided by law.

(d)        The jurisdiction ofthe superior court in which the proceeding is commenced under subsection (a) isplenary and exclusive. The court may appoint one or more persons as appraisersto receive evidence and recommend decision on the question of fair value. Theappraisers have the powers described in the order appointing them, or in anyamendment to it. The parties are entitled to the same discovery rights asparties in other civil proceedings. The proceeding shall be tried as in othercivil actions. However, in a proceeding by a dissenter in a corporation thatwas a public corporation immediately prior to consummation of the corporateaction giving rise to the right of dissent under G.S. 55‑13‑02,there is no right to a trial by jury.

(e)        Each dissenter madea party to the proceeding is entitled to judgment for the amount, if any, bywhich the court finds the fair value of his shares, plus interest, exceeds theamount paid by the corporation. (1925, c. 77, s. 1; 1943, c. 270; G.S., s. 55‑167;1955, c. 1371, s. 1; 1969, c. 751, s. 39; 1973, c. 469, ss. 36, 37; 1989, c.265, s. 1; 1997‑202, s. 4; 1997‑485, ss. 5, 5.1.)