16-10a-1325. Payment.

267 words·~1 min read·/ut/title-16/chapter-10a/16-10a-1325·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Except as provided in Section 16-10a-1327 , upon the later of the effective date of the corporate action creating dissenters' rights under Section 16-10a-1302 , and receipt by the corporation of each payment demand pursuant to Section 16-10a-1323 , the corporation shall pay the amount the corporation estimates to be the fair value of the dissenter's shares, plus interest to each dissenter who has complied with Section 16-10a-1323 , and who meets the requirements of Section 16-10a-1321 , and who has not yet received payment.

(2)Each payment made pursuant to Subsection

(1)shall be accompanied by:

(A)the corporation's balance sheet as of the end of its most recent fiscal year, or if not available, a fiscal year ending not more than 16 months before the date of payment;

(B)an income statement for that year;

(C)a statement of changes in shareholders' equity for that year and a statement of cash flow for that year, if the corporation customarily provides such statements to shareholders; and

(D)the latest available interim financial statements, if any;

(ii)the balance sheet and statements referred to in Subsection (2)(a)(i) shall be audited if the corporation customarily provides audited financial statements to shareholders;

(b)a statement of the corporation's estimate of the fair value of the shares and the amount of interest payable with respect to the shares;

(c)a statement of the dissenter's right to demand payment under Section 16-10a-1328 ; and

(d)a copy of this part.

Amended by Chapter 324 , 2010 General Session

Amended by Chapter 378 , 2010 General Session