District of Columbia Article 13 - Dissenters' Rights
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How to fill out Article 13 - Dissenters' Rights?
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FAQ
?Fair value is the value a share would realise in an undistorted market, in the medium term, with free interaction between buyers and sellers with proper information, and without any exceptions being made for minority holdings or the effect of the corporate action which has led to the dissent.?
The dissenting stockholder who voted against a proposed corporate action may exercise his or her right of appraisal by making a written demand on the corporation for the payment of the fair value of shares held. Said written demand shall be made within thirty (30) days from the date on which the vote was taken.
Shareholders Through the Market Exception These states prescribe that when a public market exists (or is deemed to exist), public shareholders must employ market price instead of court-appraisal as the measure of their interests.
Shareholders typically invoke their appraisal rights when their company is being acquired or merged and they believe the price being offered is too low.
Appraisal rights allow the respective shareholders to vote against a wrong decision that could bring down the share price. For example, if the shareholders feel the share price falls after a merger or acquisition, they can use dissent and appraisal rights.
Minority shareholders who exercise their appraisal rights are entitled to a court-supervised valuation of their shares, after which the company must buy their shares at that value.
Dissenters' rights are guaranteed under state corporate law. When a dissenting shareholder disagrees with a firm's actions, they can exercise appraisal rights; appraising their shares, and being paid the fair market value for them. Dissenters' rights provide an easy way out of a company for a shareholder.
- The appraisal right may be exercised by any stockholder who shall have voted against the proposed corporate action, by making a written demand on the corporation within thirty (30) days after the date on which the vote was taken for payment of the fair value of his shares: Provided, That failure to make the demand ...