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§7119
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§7119 . Appraisal of shares of dissenting shareholder on merger or consolidation of domestic company or on acquisition of minority interests in a subsidiary insurer.
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§7119(a)
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(a) A shareholder of a domestic company, by complying with §623 of the business corporation law except as otherwise provided in (sub§ (b)) and (sub§ (c)) hereof, shall have the right to receive payment for the fair value of his shares, and such other rights and benefits as are provided by such section the business corporation law, in the following cases:
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§7119(a)(1)
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(1) a shareholder entitled to vote who does not assent to the taking of any action specified in §7102 of this article; or
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§7119(a)(2)
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(2) a shareholder whose shares are acquired pursuant to §7118 of this article.
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§7119(b)
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(b) A shareholder who elects to dissent from an acquisition proposed under §7118 of this article shall, in lieu of the procedures set forth in paragraphs §623(a) , §623(b) and §623(c) of the business corporation law, file a written notice of his election to dissent with the parent within 20 days after the delivery to him of either a copy of the plan or a summary thereof pursuant to subsection §7118(e) of this article.
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§7119(c)
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(c) For purposes of (this §) ,the provisions of §623 of the business corporation law, other than (¶ (i)) and (¶ (m)) thereof, are applicable except that:
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§7119(c)(1)
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(1) the references to "this chapter" in paragraph a such section the business corporation law are deemed to refer to this article;
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§7119(c)(2)
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(2) in the case of shares acquired pursuant to §7118 of this article, the references to "shareholders' authorization date" in paragraph g such section the business corporation law are deemed to refer to the date of delivery of the plan or a summary thereof as provided in subsection §7118(e) of this article; and
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§7119(c)(3)
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(3) upon payment of the value of the shares of a shareholder who has dissented from a merger or consolidation, as provided in paragraph g or h such section the business corporation law, the shares shall be cancelled. Source Data downloaded: 2009-04-09 15: 48: 34; Processed: 2009-05-08 15: 36: 31
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