S-31.1 - Business Corporations Act

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402. Within 20 days after receiving the notice sent by the offeror, the dissenting shareholders must
(1)  return to the corporation, in the case of certificated shares, the share certificates to which the take-over bid relates, endorsed to the offeror or blank; and
(2)  sell their shares to which the take-over bid relates to the offeror on the same terms as those accepted by the other holders of such shares, or notify the offeror of their intention to demand payment of the fair value of their shares.
Dissenting shareholders who fail to give the notice referred to in subparagraph 2 of the first paragraph within the time prescribed in that paragraph are deemed to accept the take-over bid.
2009, c. 52, s. 402.