16-10a-1323 - Procedure to demand payment. - Utah Statutes

16-10a-1323. Procedure to demand payment.
(1) A shareholder who is given a dissenters' notice described in Section 16-10a-1322,who meets the requirements of Section 16-10a-1321, and wishes to assert dissenters' rights shall,in accordance with the terms of the dissenters' notice:
(a) cause the corporation to receive a payment demand, which may be the paymentdemand form contemplated in Subsection 16-10a-1322(2)(d), duly completed, or may be statedin another writing;
(b) deposit certificates for his certificated shares in accordance with the terms of thedissenters' notice; and
(c) if required by the corporation in the dissenters' notice described in Section16-10a-1322, as contemplated by Section 16-10a-1327, certify in writing, in or with the paymentdemand, whether or not he or the person on whose behalf he asserts dissenters' rights acquiredbeneficial ownership of the shares before the date of the first announcement to news media or toshareholders of the terms of the proposed corporate action creating dissenters' rights underSection 16-10a-1302.
(2) A shareholder who demands payment in accordance with Subsection (1) retains allrights of a shareholder except the right to transfer the shares until the effective date of theproposed corporate action giving rise to the exercise of dissenters' rights and has only the right toreceive payment for the shares after the effective date of the corporate action.
(3) A shareholder who does not demand payment and deposit share certificates asrequired, by the date or dates set in the dissenters' notice, is not entitled to payment for sharesunder this part.

Amended by Chapter 378, 2010 General Session