13.1-731 - Assertion of rights by nominees and beneficial owners. - Virginia Statutes

§ 13.1-731. Assertion of rights by nominees and beneficial owners.

A. A record shareholder may assert appraisal rights as to fewer than all theshares registered in the record shareholder's name but owned by a beneficialshareholder only if the record shareholder objects with respect to all sharesof the class or series owned by the beneficial shareholder and notifies thecorporation in writing of the name and address of each beneficial shareholderon whose behalf appraisal rights are being asserted. The rights of a recordshareholder who asserts appraisal rights for only part of the shares held ofrecord in the record shareholder's name under this subsection shall bedetermined as if the shares as to which the record shareholder objects andthe record shareholder's other shares were registered in the names ofdifferent record shareholders.

B. A beneficial shareholder may assert appraisal rights as to shares of anyclass or series held on behalf of the shareholder only if such shareholder:

1. Submits to the corporation the record shareholder's written consent to theassertion of such rights no later than the date referred to in subdivision B2 b of § 13.1-734; and

2. Does so with respect to all shares of the class or series that arebeneficially owned by the beneficial shareholder.

(Code 1950, §§ 13-85, 13.1-75, 13.1-78; 1956, c. 428; 1968, c. 733; 1972, c.425; 1975, c. 500; 1984, c. 613; 1985, c. 522; 2005, c. 765.)