California Corporations Code

§ 1309

CORP § 1309 Effective Jan 1, 2013Div. 1 · Title 1 · Ch. 13

Statute text

Dissenting shares lose their status as dissenting shares and the holders thereof cease to be dissenting shareholders and cease to be entitled to require the corporation to purchase their shares upon the happening of any of the following:

(a)The corporation abandons the reorganization. Upon abandonment of the reorganization, the corporation shall pay on demand to any dissenting shareholder who has initiated proceedings in good faith under this chapter all necessary expenses incurred in such proceedings and reasonable attorneys’ fees.

(b)The shares are transferred prior to their submission for endorsement in accordance with Section 1302 or are surrendered for conversion into shares of another class in accordance with the articles.

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Legislative history

Amended by Stats. 2012, Ch. 473, Sec. 5. (AB 1680) Effective January 1, 2013.