SB 0395 | Revises civil procedure for challenging a board of director decision and shareholder appraisal |
Sponsor: | Bartle | |||
LR Number: | 1148L.06C | Fiscal Note: | 1148-06 | |
Committee: | Judiciary and Civil & Criminal Jurisprudence | |||
Last Action: | 04/16/03 - Bill erroneously reported to House floor - returned | Journal page: | H1087 | |
to committee | ||||
Title: | HCS SB 395 | |||
Effective Date: | August 28, 2003 | |||
SB 395 - This act establishes that on a motion to dismiss for lack of applicability under Section 351.055(9) RSMo, the challenger must plead facts challenging such applicability with particularity, and on a motion for summary judgment the challenger has the burden of proving the provisions fail to apply.
An individual who is entitled to vote as a shareholder of a
corporation which is a party to a merger or consolidation has the
right to file an objection to such action prior to or at the
merger or consolidation meeting and then seek appraisal for his
stock. Further, when the remedy of appraisal is available under
this section, it shall be the exclusive remedy of the shareholder
except for in the case of fraud or lack of authorization for the
transaction.
RICHARD MOORE