35-14-1324. Payment.
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/mt/title-35/chapter-14/part-13/35-14-1324·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-14-1324 . Payment.
(1)Except as provided in 35-14-1325 , within 30 days after the form required by 35-14-1322 (2)(b)(ii) is due, the corporation shall pay in cash to those shareholders who complied with 35-14-1323
(1)the amount the corporation estimates to be the fair value of their shares, plus interest.
(2)The payment to each shareholder pursuant to subsection
(1)must be accompanied by:
(i)financial statements of the corporation that issued the shares to be appraised, consisting of a 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, and a cash flow statement for that year or, if those annual financial statements are not reasonably available, reasonably equivalent financial information; and
(ii)the latest interim financial statements of the corporation, if any;
(b)a statement of the corporation's estimate of the fair value of the shares, which must equal or exceed the corporation's estimate given pursuant to 35-14-1322 (2)(b)(iii); and
(c)a statement that shareholders described in subsection
(1)of this section have the right to demand further payment under 35-14-1326 and that if any shareholder does not do so within the time period specified in 35-14-1326 (2), the shareholder is considered to have accepted the payment under subsection
(1)of this section in full satisfaction of the corporation's obligations under this part.