PART XIV. 
DISSENTERS' RIGHTS



 



A.  Right to
Dissent and Obtain Payment for Shares



 



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



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



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



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



"Fair value", with respect to a
dissenter's shares, means the value of the shares immediately before the
effectuation of the corporate action to which the dissenter objects, excluding
any appreciation or depreciation in anticipation of the corporate action unless
exclusion would be inequitable.



"Interest" means interest from the
effective date of the corporate action until the date of payment, at the
average 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 person
in whose name shares are registered in the records of a corporation or the
beneficial owner of shares to the extent of the rights granted by a nominee
certificate on file with a corporation.



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