Skip to navigation Skip to content Skip to subnav
Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11A : Vermont Business Corporations

Chapter 013 : DISSENTERS' RIGHTS

Subchapter 002 : PROCEDURE FOR EXERCISE OF DISSENTERS' RIGHTS

(Cite as: 11A V.S.A. § 13.22)
  • § 13.22. Dissenters' notice

    (a) If proposed corporate action creating dissenters' rights under section 13.02 of this title is authorized at a shareholders' meeting, the corporation shall deliver a written dissenters' notice to all shareholders who satisfied the requirements of section 13.21 of this title.

    (b) The dissenters' notice must be sent no later than 10 days after the corporate action was taken, and must:

    (1) state where the payment demand must be sent and where and when certificates for certificated shares must be deposited;

    (2) inform holders of uncertificated shares to what extent transfer of the shares will be restricted after the payment demand is received;

    (3) supply a form for demanding payment that includes the date of the first announcement to news media or to shareholders of the terms of the proposed corporate action and requires that the person asserting dissenters' rights certify whether or not the person acquired beneficial ownership of the shares before that date;

    (4) set a date by which the corporation must receive the payment demand, which date may not be fewer than 30 nor more than 60 days after the date the subsection (a) notice is delivered; and

    (5) be accompanied by a copy of this chapter. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)