Washington Article 13 — Dissenters' Rights refers to a specific provision in the Washington State Constitution which guarantees certain rights and protections to dissenting shareholders in corporations. These rights are integral in safeguarding shareholders who dissent from certain fundamental corporate actions, such as mergers or sales, and ensure that their interests are adequately addressed. Under Washington Article 13 — Dissenters' Rights, dissenting shareholders are entitled to an appraisal of the fair value of their shares, granting them the option to exit the corporation at a fair and equitable price. This provision allows shareholders to seek an alternative to being forced into corporate actions that they do not agree with or perceive as prejudicial to their investments. Different types of Washington Article 13 — Dissenters' Rights may include: 1. Dissenting Shareholders' Right to Appraisal: This provision allows dissenting shareholders to request a fair valuation of their shares by an independent appraiser. It ensures that dissenting shareholders are compensated based on the true value of their investments, protecting their financial interests. 2. Majority Shareholders' Obligation: In the case of dissenting shareholders, the article requires majority shareholders to respect the rights of dissenters and provide them with a reasonable opportunity to exercise their dissenting rights. This obligation emphasizes the importance of fair treatment towards dissenting shareholders and aims to prevent any oppressive actions by the majority. 3. Prohibition of Coercive Measures: Washington Article 13 — Dissenters' Rights prohibits any coercion or intimidation against dissenting shareholders. This provision ensures that dissenters are not subjected to any discriminatory or oppressive measures that may deter them from exercising their rights. 4. Judicial Review: Dissenting shareholders also have the right to seek judicial review to ensure compliance with the provisions outlined in Washington Article 13. This recourse provides dissenting shareholders with legal remedies in case their rights are violated or undermined in any way. Overall, Washington Article 13 — Dissenters' Rights sets out crucial protections for shareholders in corporations operating in Washington State, ensuring their rights are respected and safeguarded when dissenting from fundamental corporate decisions. It establishes a fair and equitable framework that allows shareholders to preserve their investments while promoting corporate governance transparency and accountability.
Washington Article 13 - Dissenters' Rights
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Dissenters' rights ensure a shareholder that they can sell their shares at fair value in the event that a company takes a decision that they do not agree with. Dissenters' rights are guaranteed under state corporate law.
Dissenters' rights allow the shareholders of a corporation to obtain cash payment for their shares in case they do not agree or consent to any major corporate transaction. Dissenters' rights cannot be exercised on the shares trading on a national exchange.
When a company acquires shares or gets assent from not less than 90% of shareholders of the transferor company, then the transferee company has right to acquire the balance 10% shares from the shareholders those who dissent from the acquisition offer made by the transferee company.
Key Takeaways Dissenters' rights ensure a shareholder that they can sell their shares at fair value in the event that a company takes a decision that they do not agree with. Dissenters' rights are guaranteed under state corporate law.