17:27B-6 - Rights of dissenting shareholders
17:27B-6.Ā Rights of dissenting shareholders
(1) Within 30 days after delivery of the plan or a summary thereof pursuantĀ to subsection (1) of section 5, any shareholder of the subsidiary insurer toĀ whom the parent corporation was required to make such delivery may give to theĀ parent corporation written notice of his dissent from the plan and of hisĀ demand for payment of the fair value of his shares.
(2) Upon giving such notice, the dissenting shareholder shall cease to haveĀ any rights of a shareholder, except the right to be paid the fair value of hisĀ shares, determined as of the day prior to the day on which the plan of acquisition was adopted by the parent corporation and excluding any appreciation or depreciation resulting from such action.Ā Such determination ofĀ fair value shall be made in accordance with the provisions of sections 14A:11-6Ā through 14A:11-10 of the New Jersey Business Corporation Act, all referencesĀ therein to a demand pursuant to subsections 14A:11-2(3), 14A:11-2(4) orĀ 14A:11-2(5) being deemed for such purpose to include a notice of dissent andĀ demand made pursuant to subsection (1) of this section 6.
(3) Not later than 20 days after giving notice of his dissent and demand forĀ payment as aforesaid, each dissenting shareholder shall submit the certificateĀ or certificates representing his shares to the parent corporation for notationĀ as provided in subsection 14A:11-2(6) of the New Jersey Business CorporationĀ Act, the effect of which notation shall be as specified in said subsection.
L.1971, c. 132, s. 6, eff. May 6, 1971.
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(1) Within 30 days after delivery of the plan or a summary thereof pursuantĀ to subsection (1) of section 5, any shareholder of the subsidiary insurer toĀ whom the parent corporation was required to make such delivery may give to theĀ parent corporation written notice of his dissent from the plan and of hisĀ demand for payment of the fair value of his shares.
(2) Upon giving such notice, the dissenting shareholder shall cease to haveĀ any rights of a shareholder, except the right to be paid the fair value of hisĀ shares, determined as of the day prior to the day on which the plan of acquisition was adopted by the parent corporation and excluding any appreciation or depreciation resulting from such action.Ā Such determination ofĀ fair value shall be made in accordance with the provisions of sections 14A:11-6Ā through 14A:11-10 of the New Jersey Business Corporation Act, all referencesĀ therein to a demand pursuant to subsections 14A:11-2(3), 14A:11-2(4) orĀ 14A:11-2(5) being deemed for such purpose to include a notice of dissent andĀ demand made pursuant to subsection (1) of this section 6.
(3) Not later than 20 days after giving notice of his dissent and demand forĀ payment as aforesaid, each dissenting shareholder shall submit the certificateĀ or certificates representing his shares to the parent corporation for notationĀ as provided in subsection 14A:11-2(6) of the New Jersey Business CorporationĀ Act, the effect of which notation shall be as specified in said subsection.
L.1971, c. 132, s. 6, eff. May 6, 1971.
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