PART XIV. DISSENTERS' RIGHTS

 

A.  Right toDissent and Obtain Payment for Shares

 

[§414-341]  Definitions.  As used inthis part:

"Beneficial shareholder" means theperson who is a beneficial owner of shares held in a voting trust or by anominee as the record shareholder.

"Corporation" means the issuer of theshares held by a dissenter before the corporate action, or the surviving oracquiring corporation by merger or share exchange of that issuer.

"Dissenter" means a shareholder whois entitled to dissent from corporate action under section 414-342 and whoexercises that right when and in the manner required by sections 414-351 to414-359.

"Fair value", with respect to adissenter's shares, means the value of the shares immediately before theeffectuation of the corporate action to which the dissenter objects, excludingany appreciation or depreciation in anticipation of the corporate action unlessexclusion would be inequitable.

"Interest" means interest from theeffective date of the corporate action until the date of payment, at theaverage rate currently paid by the corporation on its principal bank loans or,if none, at a rate that is fair and equitable under all the circumstances.

"Record shareholder" means the personin whose name shares are registered in the records of a corporation or thebeneficial owner of shares to the extent of the rights granted by a nomineecertificate on file with a corporation.

"Shareholder" means the recordshareholder or the beneficial shareholder. [L 2000, c 244, pt of §1]