16-4-205. Notice of assessment -- Form and contents.

149 words·~1 min read·/ut/title-16/chapter-4/16-4-205

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

When the board of directors levies an assessment, the secretary shall prepare a notice of assessment, including:

(1)the name of the corporation;

(2)the location of the corporation's principal place of business;

(3)the date of the meeting at which the board of directors adopted the order levying the assessment;

(4)a description of the class or classes of shares assessed, and the amount of assessment per share;

(5)the time, place, and manner of payment;

(6)the day on which payment is considered delinquent;

(7)if assessments are not levied on an equal basis, a statement that the equitable basis for the assessments is set forth in the order; and

(8)a general statement that the board of directors may elect various remedies to enforce payment, including the auctioning of shares.

Enacted by Chapter 367 , 2007 General Session