61-6-11 - Shares subject to redemption.
61-6-11. Shares subject to redemption.
(1) If authorized in a corporation's articles of incorporation or bylaws before a controlshare acquisition has occurred, an issuing public corporation may redeem, at fair market value,control shares acquired in a control share acquisition with respect to which no acquiring personstatement has been filed with the issuing public corporation. Any such redemption shall beconsummated according to the procedures adopted by the corporation and shall take place at anytime within 60 days after the last acquisition of control shares by the acquiring person.
(2) Control shares acquired in a control share acquisition are not subject to redemptionafter an acquiring person statement has been filed, unless the shares are not accorded full votingrights by the shareholders as provided in Section 61-6-10.
Enacted by Chapter 2, 1987 Special Session 1