17-1295.   Same; redemption of shares, when.(a) Unless otherwise provided in the articles of incorporationor bylaws of an issuing public corporation before a control shareacquisition has occurred or has been proposed, the issuing publiccorporation may call for redemption of not less than all sharesacquired in a control share acquisition at a redemption price equal to themarket value of the shares at the time the call for redemption is given, in the event:

      (1)   An acquiring person statement has not been delivered to the issuingpublic corporation by the acquiring person by the tenth day after thecontrol share acquisition; or

      (2)   an acquiring person statement has been filed but the shareholdershave voted not to accord voting rights to the control shares.

      (b)   The call for redemption shall be given within 30 days after theevent giving the issuing public corporation the option to call forredemption and the shares shall be redeemed within 60 days after the call is given.

      History:   L. 1988, ch. 93, § 10; April 21.