In which corporate act is the appraisal right not available?

The appraisal right is typically a protection for shareholders that allows them to obtain a fair value for their shares when the company undergoes certain corporate actions that substantially affect their interests. This right is usually exercised during significant transactions such as mergers, consolidations, or the sale of substantial assets, where shareholders may feel that their stakes could be undervalued.

In the context of this question, when it comes to investments made by a corporation for its primary purpose, such as enhancing its operations or entering new markets, these actions are considered ordinary business activities rather than extraordinary corporate transactions. Therefore, shareholders do not possess appraisal rights in such scenarios since the action does not alter the structure or value of the company in a manner that would typically trigger a need for protection.

In contrast, actions like mergers, extensions of corporate existence, or asset dispositions are significant events directly affecting shareholders' rights and the value of their shares, which is why appraisal rights are available in those situations. Thus, investment of funds for the corporation's primary purpose does not invoke appraisal rights.