13.1-733 - Notice of intent to demand payment. - Virginia Statutes

§ 13.1-733. Notice of intent to demand payment.

A. If a corporate action specified in subsection A of § 13.1-730 is submittedto a vote at a shareholders' meeting, a shareholder who wishes to assertappraisal rights with respect to any class or series of shares:

1. Must deliver to the corporation before the vote is taken written notice ofthe shareholder's intent to demand payment if the proposed action iseffectuated; and

2. Must not vote, or cause or permit to be voted, any shares of such class orseries in favor of the proposed action.

B. If a corporate action specified in subsection A of § 13.1-730 is to beapproved by less than unanimous written consent, a shareholder who wishes toassert appraisal rights with respect to any class or series of shares may notsign a consent in favor of the proposed action with respect to that class orseries of shares.

C. A shareholder who fails to satisfy the requirements of subsection A orsubsection B is not entitled to payment under this article.

(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; 2007, c. 165;2010, c. 782.)