§ 35-14-1324 — Payment

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:
(a) (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.

Legislative History

En. Sec. 178, Ch. 271, L. 2019.