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Collection: Original Records > Articles of Incorporation

Kavros Enterprises (AI-K034)(1976) (8 pages)

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days after the offering shareholder's offer is given. If the corporation elects to purchase less than all the shares being offered, or fails to give notice of its election to purchase within the period that it has the right to do so, the secretary of the corporation shall as soon as possible, and in no event more than twenty (20) days after the offering shareholder's offer is given, mail, personally deliver, or telegraph to each of the common shareholders a copy of this offer together with a statement of the number of shares not being purchased by the corporation. Each of these shareholders shall then have the right to purchase all or any lesser number of the shares specified in the statement from the secretary by giving to the secretary a written notice of intent to purchase a specified number of these shares at the price and on the terms and conditions stated in the offering shareholder's offer, This notice shall be given by mailing, personally delivering, or telegraphing it within twenty (20) days after the offering shareholder's offer is given to the secretary. (b) If the total number of shares specified by the shareholders in their notices of intent to purchase exceeds the number of available shares specified in the statement from the secretary, each purchasing shareholder shall be entitled to purchase that fraction of the number of shares specified in his notice of intent to purchase that is equal to the nubmer of his shares having purchase rights under this article, divided by the total number of shares having purchase rights held by all shareholders who gave notice of intent to purchase. (c) If less than all the shares offered for sale by the offering shareholder are subscribed to under clauses (a) he.