(1) A corporation may elect to withhold payment required by section 30-1-1324 , Idaho Code, from any shareholder who did not certify that beneficial ownership of all of the shareholder's shares for which appraisal rights are asserted was acquired before the date set forth in the appraisal notice sent pursuant to section 30-1-1322 (2)(a), Idaho Code. (2) If the corporation elected to withhold payment under subsection (1) of this section, it must, within thirty (30) days after the form required by section 30-1-1322 (2)(b)(ii), Idaho Code, is due, notify all shareholders who are described in subsection (1) of this section: (a) Of the information required by section 30-1-1324 (2)(a), Idaho Code; (b) Of the corporation's estimate of fair value pursuant to section 39-1-1324 (2)(b) [30-1-1324(2)(b)], Idaho Code; (c) That they may accept the corporation's estimate of fair value, plus interest, in full satisfaction of their demands or demand appraisal under section 30-1-1326 , Idaho Code; (d) That those shareholders who wish to accept such offer must so notify the corporation of their acceptance of the corporation's offer within thirty (30) days after receiving the offer; and (e) That those shareholders who do not satisfy the requirements for demanding appraisal under section 30-1-1326 , Idaho Code, shall be deemed to have accepted the corporation's offer. (3) Within ten (10) days after receiving the shareholder's acceptance pursuant to subsection (2) of this section, the corporation must pay in cash the amount it offered under subsection (2)(b) of this section to each shareholder who agreed to accept the corporation's offer in full satisfaction of the shareholder's demand. (4) Within forty (40) days after sending the notice described in subsection (2) of this section, the corporation must pay in cash the amount it offered to pay under subsection (2)(b) of this section to each shareholder described in subsection (2)(e) of this section.
‹ Prev All Idaho sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.