§ 55-9A-03. Meeting of shareholders.
§55‑9A‑03. Meeting of shareholders.
(a) If the acquiringperson so requests at the time of delivery of an acquiring person statement andgives an undertaking to pay the covered corporation's expenses of a specialmeeting, within 10 days after delivery of such request the directors of thecovered corporation shall call a special meeting of shareholders of the coveredcorporation for the purpose of considering the voting rights to be accorded thecontrol shares acquired or to be acquired in the control share acquisition.
(b) Unless theacquiring person agrees in writing to another date, the special meeting ofshareholders shall be held within 50 days after the receipt by the coveredcorporation of the request.
(c) If no request ismade, the voting rights to be accorded the control shares acquired in thecontrol share acquisition shall be considered at the next special or annualmeeting of shareholders.
(d) If the acquiringperson so requests in writing at the time of delivery of the acquiring personstatement, the special meeting must not be held sooner than 30 days afterreceipt by the covered corporation of the acquiring person statement. (1987,c. 182, s. 1; 1989, c. 265, s. 1.)