§ 23-1-44-15 — Payment to dissenter

Indiana § 23-1-44-15

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 1: INDIANA BUSINESS CORPORATION LAW
• Ch. 44: Dissenters' Rights

Text

(a) Except as provided in section 17 of this
chapter, as soon as the proposed corporate action is taken, or, if the
transaction did not need shareholder approval and has been completed,
upon receipt of a payment demand, the corporation shall pay each
dissenter who complied with section 13 of this chapter the amount the
corporation estimates to be the fair value of the dissenter's shares.
(b) The payment must be accompanied by:
(1) the corporation's balance sheet as of the end of a fiscal year
ending not more than sixteen (16) months before the date of
payment, an income statement for that year, a statement of
changes in shareholders' equity for that year, and the latest
available interim financial statements, if any;
(2) a statement of the corporation's estimate of the fair value of
the shares; and
(3) a statement of the dissenter's right to demand payment under
section 18 of this chapter.

Legislative History

As added by P.L.149-1986, SEC.28. Amended by P.L.107-1987, SEC.21.