State Codes and Statutes

Statutes > New-jersey > Title-14a > Section-14a-11 > 14a-11-5

14A:11-5.  Rights of dissenting shareholder    (1) A dissenting shareholder may not withdraw his demand for payment of the  fair value of his shares without the written consent of the corporation.

    (2) The enforcement by a dissenting shareholder of his right to receive payment for his shares shall exclude the enforcement by such dissenting shareholder of any other right to which he might otherwise be entitled by virtue of share ownership, except as provided in subsection 14A:11-4(2) and except that this subsection shall not exclude the right of such dissenting shareholder to bring or maintain an appropriate action to obtain relief on the ground that such corporate action will be or is ultra vires, unlawful or fraudulent as to such dissenting shareholder.
 
L.1968, c.350.