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<section article="gca" article_name="Corporations and Associations" number="3-203" title_number="3" title_name="Corporations in General -- Extraordinary Actions" subtitle_number="2" subtitle_name="Rights of Objecting Stockholders">
  <level label="a">
    <text>A stockholder of a corporation who desires to receive payment of the fair value of the stockholder’s stock under this subtitle:</text>
    <level label="1">
      <text>Shall file with the corporation a written objection to the proposed transaction:</text>
      <level label="i">
        <text>With respect to a merger under § 3–106 or § 3–106.1 of this title, within 30 days after notice is given or waived under § 3–106 or § 3–106.1 of this title; or</text>
      </level>
      <level label="ii">
        <text>With respect to any other transaction, at or before the stockholders’ meeting at which the transaction will be considered or, in the case of action taken under § 2–505(b) of this article, within 10 days after the corporation gives the notice required by § 2–505(b) of this article;</text>
      </level>
    </level>
    <level label="2">
      <text>May not vote in favor of the transaction; and</text>
    </level>
    <level label="3">
      <text>Shall make a written demand on the successor for payment for the stockholder’s stock, stating the number and class of shares for which the stockholder demands payment:</text>
      <level label="i">
        <text>Within 20 days after the Department accepts the articles for record; or</text>
      </level>
      <level label="ii">
        <text>Within 20 days after consummation of the transfer or transaction with respect to:</text>
        <level label="1">
          <text>A transfer of assets in a manner requiring stockholder approval under § 3–105 of this title; or</text>
        </level>
        <level label="2">
          <text>A transaction that is governed by § 3–603(b) of this title or exempted by § 3–603(b) of this title, for which no articles are required to be filed with the Department.</text>
        </level>
      </level>
    </level>
  </level>
  <level label="b">
    <text>A stockholder who fails to comply with this section is bound by the terms of the consolidation, merger, share exchange, transfer of assets, or charter amendment.</text>
  </level>
</section>
