17-1296. Same; dissenters' rights, notice.
17-1296
17-1296. Same; dissenters' rights, notice.
(a) Unless otherwise provided in a corporation's articles of
incorporation or bylaws before a control share acquisition has occurred or
has been proposed, in the event that control shares acquired in a control
share acquisition are accorded full voting rights and the acquiring person
has acquired control shares with a majority or more of all voting power,
each shareholder of the issuing public
corporation who objected thereto in writing and whose shares either were
not entitled to vote or were not voted in favor of the control share
acquisition and who files such written objection with the corporation
before the taking of the vote on the control share acquisition
shall have dissenters' rights as
provided in K.S.A. 17-6712, and amendments thereto.
(b) As soon as practicable after these events have occurred, the board
of directors shall cause a notice to be sent to all shareholders of the
corporation advising them of the facts and that they have dissenters'
rights to receive the fair value of their shares pursuant to K.S.A.
17-6712, and amendments thereto.
(c) As used in this section, "fair value" means a value not less than
the highest price paid per share by the acquiring person in the control share acquisition.
History: L. 1988, ch. 93, § 11; April 21.