61-6-12 - Dissenter's rights. - Utah Statutes

61-6-12. Dissenter's rights.
(1) Unless otherwise provided in a corporation's articles of incorporation or bylaws beforea control share acquisition has occurred, in the event control shares acquired in a control shareacquisition are accorded full voting rights and the acquiring person has acquired control shareswith a majority or more of all voting power, all shareholders of the issuing public corporationhave dissenter's rights as provided in this chapter.
(2) As soon as practicable after such events have occurred, the board of directors shallcause a notice to be sent to all shareholders of the corporation advising them of the facts and thatthey have dissenter's rights to receive the fair value of their shares under Sections 16-10a-1301through 16-10a-1331.
(3) As used in this section, "fair value" means a value not less than the highest price paidper share by the acquiring person in the control share acquisition.

Amended by Chapter 277, 1992 General Session