Bexar Texas Article 13 - Dissenters' Rights
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Also referred to as dissent rights (or dissent and appraisal rights). A statutory right available to voting shareholders to object to certain fundamental changes taken by a corporation.
An appraisal right is the statutory right of a corporation's shareholders to have a judicial proceeding or independent valuator determine a fair stock price and oblige the acquiring corporation to purchase shares at that price.
Notice of Dissent means a written objection to the Arrangement Resolution made by a registered Shareholder in accordance with the Dissent Procedures.
If the proposed action must be approved by the shareholders, a shareholder who wishes to exercise dissenters' rights must file with the corporation before the vote on the proposed action a written notice of intent to demand the fair value of the shares owned by the shareholder and must not vote the shares in favor of
Appraisal right is the right of a dissenting stockholder to demand appraisal and payment of the fair value of his stocks fPom the corporate. It allows a stockholder who dissents and votes against a proposed corporate action to withdraw from the corporation by demanding payment of the fair value of his shares.
A dissent process allows an objecting shareholder, referred to as a 'dissenting shareholder', to exit the corporation and be paid the fair value of his or her shares. The timelines and details regarding the dissent process are strict and technical.
Under section 395 of the Act, a transferee company, which has acquired 90% shares of a transferor company through a scheme or contract, is entitled to acquire shares of remaining 10% shareholders. Dissenting shareholders have been provided with an opportunity to approach Court/Tribunal.
Dissenters Rights is a state corporate (or business entity) law enabling the shareholders to receive a cash payment equal to the the fair value of their shares if the company management undertakes a major transaction with which the shareholder does not agree or consent.
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.
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For the purposes of this section: (1) 'Qualified' means a person of good moral character, and who is qualified under the applicable laws (a) to own real property; (b) to run a business; (c) to serve as a trustee or executor; or (d) to hold any office or commission. (2) 'In good moral character' means that a person is free from any criminal record or has not received a final order of conviction for a felony, a serious misdemeanor, or a misdemeanor. The above does not give the Supreme Court power to determine whether a particular person is or is not qualified to own property. As one would expect, the Court rejected the challenged law as a violation of the Equal Protection Clause of the Fourteenth Amendment. The plaintiff, Mr. William H. Stetson, was refused a license, or permit by the State of Mississippi to operate the Stetson-Baker Oil Company.
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