450.1769 Payment by corporation to dissenter; accompanying documents.
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450.1769 Payment by corporation to dissenter; accompanying documents.
Sec. 769.
(1)Except as provided in section 771, within 7 days after the proposed corporate action is taken or a payment demand is received, whichever occurs later, the corporation shall pay each dissenter who complied with section 767 the amount the corporation estimates to be the fair value of his or her shares, plus accrued interest.
(2)The payment must be accompanied by all of the following:
(a)The corporation's balance sheet as of the end of a fiscal year ending not more than 16 months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and if available the latest interim financial statements.
(b)A statement of the corporation's estimate of the fair value of the shares.
(c)An explanation of how the interest was calculated.
(d)A statement of the dissenter's right to demand payment under section 772.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1993, Act 91, Eff. Oct. 1, 1993