Texas Business Organizations Code
§ 10.358 — RESPONSE BY ORGANIZATION TO NOTICE OF DISSENT AND DEMAND FOR FAIR VALUE BY DISSENTING OWNER
BO § 10.358Title 1. GENERAL PROVISIONS · Ch. 10. MERGERS, INTEREST EXCHANGES, CONVERSIONS, AND SALES OF ASSETS · Art. H. RIGHTS OF DISSENTING OWNERS
Statute text
View on source(a)Not later than the 20th day after the date a responsible organization receives a demand for payment made by a dissenting owner in accordance with Section 10.356(b)(3), the responsible organization shall respond to the dissenting owner in writing by:
(1)accepting the amount claimed in the demand as the fair value of the ownership interests specified in the notice; or
(2)rejecting the demand and including in the response the requirements prescribed by Subsection (c).
(b)If the responsible organization accepts the amount claimed in the demand, the responsible organization shall pay the amount not later than the 90th day after the date the action that is the subject of the demand was effected if the owner delivers to the responsible organization:
(1)endorsed certificates representing the ownership interests if the ownership interests are certificated; or
(2)signed assignments of the ownership interests if the ownership interests are uncertificated.
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 17, eff. September 1, 2011.