1626

LAWS OF MARYLAND

[Ch. 311

IS BOUND BY THE TERMS OF THE CONSOLIDATION, MERGER,
TRANSFER OF ASSETS, OR CHARTER AMENDMENT.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23,
573(b).

The only changes are in style.

With respect to objecting stockholder's rights
in the case of a merger of a 90 percent owned
subsidiary, to which this section does not
apply, see §3—107.

[[3-203]] 3-204. EFFECT OF DEMAND ON DIVIDEND AND OTHER
RIGHTS.

A STOCKHOLDER WHO DEMANDS PAYMENT FOR HIS STOCK
UNDER THIS SUBTITLE:

(1)   HAS NO RIGHT TO RECEIVE ANY DIVIDENDS OR
DISTRIBUTIONS PAYABLE TO HOLDERS OF RECORD OF THAT STOCK
ON A RECORD DATE AFTER THE CLOSE OF BUSINESS ON THE DAY
THE STOCKHOLDERS VOTED ON THE TRANSACTION OBJECTED TO;
AND

(2)  CEASES TO HAVE ANY RIGHTS OF A STOCKHOLDER
WITH RESPECT TO THAT STOCK, EXCEPT THE RIGHT TO RECEIVE
PAYMENT OF ITS FAIR VALUE.

REVISOR'S NOTE: This section presently appears as
the first sentence of Art. 23, § 73 (i),

Item (1) of this section is revised to clarify
that the objecting stockholder is entitled to
a distribution declared prior to the day of
the stockholders vote but payable thereafter.

The only other changes are in style.

[[3-204]] 3-205. WITHDRAWAL OF DEMAND.

A DEMAND FOR PAYMENT MAY BE WITHDRAWN ONLY WITH THE
CONSENT OF THE SUCCESSOR.

REVISOR'S NOTE: This section presently appears as
the second sentence of Art. 23, §73(i).

The only changes are in style.

[[3-205]] 3-20 6.        RESTORATION OF DIVIDEND AND OTHER

RIGHTS.

(A) WHEN RIGHTS RESTORED.