§ 7119. Appraisal of shares of dissenting shareholder on merger or
consolidation of domestic company or on acquisition of minority
interests in a subsidiary insurer. (a) A shareholder of a domestic
company, by complying with section six hundred twenty-three of the
business corporation law except as otherwise provided in subsections (b)
and (c) hereof, shall have the right to receive payment for the fair
value of his shares, and such other rights and benefits as are provided
by such section of the business corporation law, in the following cases:

(1) a shareholder entitled to vote who does not assent to the taking
of any action specified in section seven thousand one hundred two of
this article; or

(2) a shareholder whose shares are acquired pursuant to section seven
thousand one hundred eighteen of this article.

(b) A shareholder who elects to dissent from an acquisition proposed
under section seven thousand one hundred eighteen of this article shall,
in lieu of the procedures set forth in paragraphs (a), (b) and (c) of
section six hundred twenty-three of the business corporation law, file a
written notice of his election to dissent with the parent within twenty
days after the delivery to him of either a copy of the plan or a summary
thereof pursuant to subsection (e) of section seven thousand one hundred
eighteen of this article.

(c) For purposes of this section, the provisions of section six
hundred twenty-three of the business corporation law, other than
paragraphs (i) and (m) thereof, are applicable except that:

(1) the references to "this chapter" in paragraph (a) of such section
of the business corporation law are deemed to refer to this article;

(2) in the case of shares acquired pursuant to section seven thousand
one hundred eighteen of this article, the references to "shareholders'
authorization date" in paragraph (g) of such section of the business
corporation law are deemed to refer to the date of delivery of the plan
or a summary thereof as provided in subsection (e) of section seven
thousand one hundred eighteen of this article; and

(3) upon payment of the value of the shares of a shareholder who has
dissented from a merger or consolidation, as provided in paragraph (g)
or (h) of such section of the business corporation law, the shares shall
be cancelled.