SB 0395 Revises civil procedure for challenging a board of director decision and shareholder appraisal
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
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Current Bill Summary

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.