THEODORE R. MCKELDIN, GOVERNOR 323

shall enter an order directing the consolidation of all such
proceedings and making such directions with respect to the
conduct of the consolidated proceeding as it deems proper.
Two or more objecting stockholders may join or be joined in
any such proceeding.

(e) At any time after the filing of a petition for appraisal,
the court may require the objecting stockholders, parties to
the proceeding, to submit their certificates of stock to the
Clerk of the Court for notation thereon of the pendency of the
appraisal proceeding, and if any stockholder fails to comply
with such order the court may dismiss the proceeding as to
such stockholder or grant other appropriate relief. Upon any
subsequent transfer of stock, the certificate for which contains
such notation, the new certificate or certificates issued there-
for shall bear a similar notation, together with the name of
the original objecting holder of such stock, and no transferee
of any such stock shall acquire any rights of any character
whatsoever with respect to such stock other than the rights
of the original objecting stockholder.

(f) If the court finds that any objecting stockholder is
entitled to have the value of his stock determined, the court
shall appoint three disinterested appraisers to determine the
fair value of such stock, and may make such directions in
regard to the proceeding as it deems proper. The appraisers
shall be duly sworn honestly and faithfully to discharge their
duties and thereupon shall proceed to determine the fair value
of such stock. Such value shall be determined as of the close
of business on the day of the stockholders' vote on the action
to which objection was made, excluding any appreciation or
depreciation directly or indirectly consequent upon such action
or the proposal thereof. Within sixty days after their ap-
pointment, or within such longer period as the court may
direct, the appraisers shall file their report stating their con-
clusion, or the conclusion of the majority thereof, as to the fair
value of the stock and their reasons therefor, together with a
transcript of all testimony and all exhibits which may have
been offered, and shall on the same day serve one copy of the
report by mail on each party to the proceedings. Within
fifteen days after the filing of such report, any party may ex-
cept to such report and request a hearing thereon.

The court shall consider the report and, on motion of any
party to the proceeding, shall enter an order confirming,
modifying or rejecting the same and, in confirming or modify-
ing, directing the time within which payment shall be made.
If the appraisers' determination of value is confirmed or
modified by such order, judgment shall be entered thereon