Montana Article 13 of the Dissenters' Rights provides legal provisions for shareholders who dissent to certain corporate actions. This article ensures that shareholders who oppose specific decisions maintain the right to receive fair compensation for their shares. One type of dissenters' rights covered under Montana Article 13 is the right to appraisal. When a company takes actions such as mergers, consolidations, or substantial amendments to its articles of incorporation, shareholders who dissent from these actions have the option to demand appraisal rights. By exercising this right, dissenting shareholders can have their shares valued by an independent appraiser and receive fair compensation based on the appraised value. Another type of dissenters' rights addressed in Montana Article 13 is the right to dissent from a short-form merger. In cases where a corporation with at least 90% control of outstanding shares seeks to merge with a subsidiary company, dissenting shareholders have the right to be appraised and compensated for their shares. Montana Article 13 also covers dissenters' rights in the context of a sale, lease, exchange, or other disposition of all or substantially all of a corporation's assets. In such situations, shareholders who dissent from the proposed action can exercise their right to receive fair compensation by demanding an appraisal of their shares. Furthermore, Montana Article 13 recognizes the right of dissenting shareholders to receive interest on their appraised shares, compensating them for the time between the effective date of the corporate action and the receipt of the appraisal payment. It is important for shareholders in Montana to be aware of the provisions outlined in Article 13 of the Dissenters' Rights. These provisions protect dissenting shareholders and ensure they receive fair compensation for their shares when they oppose certain corporate actions.
Montana Article 13 - Dissenters' Rights
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The Right to Dissent emphasizes that all of these rights, even those that we most closely associate with civil and political rights, require the state not only to refrain from infringing rights but also to take positive steps to ensure that these rights are respected, protected and fulfilled.
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.
Even in the absence of a meeting, the shareholders must be given written notice about the right to dissent to the action taken by the company. After the receipt of the notice, any shareholder who wants to dissent should provide, in writing, their intent to dissent and demand the payment of their shares.
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.
An appraisal right is a legal right of a company's shareholders to demand a judicial proceeding or independent valuation of the company's shares with the goal of determining a fair value of the stock price.
- 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 ...
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.