NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 304

SENATE BILL 557

 

 

AN ACT TO AMEND G.S. 55-50(m) RELATED TO SHAREHOLDERS OF CORPORATIONS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Chapter 55 of the General Statutes is hereby amended by rewriting the second sentence of subsection (m) of Section 50 to read as follows:

"A shareholder receiving such notice shall thereafter be entitled to withdraw his dividend demand by giving written notice of such withdrawal to the corporation within 10 days after receipt of the redemption notice of the corporation or, if no such withdrawal is made, to receive the fair value of his shares, subject only to the surrender by him of the certificate or certificates representing his shares and to the provisions of G.S. 55-52, which value shall be determined and paid as follows:"

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 15th day of May, 1975.