§ 7-113-205 — Payment

(1) Except as provided in section 7-113-206, within
thirty days after the date specified in section 7-113-203 (2)(b)(II), the corporation
shall pay in cash to those shareholders who complied with section 7-113-204 (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) of this
section must be accompanied by:

(a) (I) The annual financial statements specified in section 7-116-105 of the
corporation that issued the shares to be appraised, which statement must be as of a
date ending not more than sixteen months before the date of payment; except that,
if the annual financial statements are not reasonably available, the corporation
shall provide reasonably equivalent financial information; and

(II) The latest available quarterly financial statements of the corporation, if
any;

(b) A statement of the corporation's estimate of the fair value of the shares,
which estimate must equal or exceed the corporation's estimate given pursuant to
section 7-113-203 (2)(b)(III); and

(c) A statement that shareholders described in subsection (1) of this section
have the right to demand further payment under section 7-113-207 and that if any
such shareholder does not do so within the period specified in section 7-113-207 (2),
the shareholder shall be deemed to have accepted the payment in full satisfaction
of the corporation's obligations under this article 113.

Legislative History

Source: L. 2019: Entire article R&RE, (SB 19-086), ch. 166, p. 1956, � 56, effective July 1, 2020.