(1) If a dissenting offeree has, under section 203(c)(ii), elected to demand payment of the fair value of his or her shares, the offeror may, within 20 days after it has paid the money or transferred the other consideration under section 206, apply to the court to fix the fair value of the shares of that dissenting offeree.
(2) If an offeror fails to apply to the court under subsection (1), a dissenting offeree may, within a further period of 20 days, apply to the court to fix the fair value of the shares of the dissenting shareholder.
(3) If no application is made to the court under subsection (2) within the time provided therefor in that subsection, a dissenting offeree thereby elects to transfer his or her shares to the offeror on the same terms as the offeror acquired the shares from the offerees who accepted the take-over bid.