§ 1005 — Payment of interest of dissenting members

§ 1005. Payment of interest of dissenting members. (a) Within ten days\nafter the occurrence of an event described in section ten hundred two of\nthis article, the surviving or resulting domestic limited liability\ncompany or other business entity shall send to each dissenting former\nmember a written offer to pay in cash the fair value of such former\nmember's membership interest. Payment in cash shall be made to each\nformer member accepting such offer within ten days after notice of such\nacceptance is received by the surviving or resulting domestic limited\nliability company or other business entity.\n (b) If a former member and the surviving or resulting limited\nliability company or other business entity fail to agree on the price to\nbe paid for the former member's membership interest within ninety days\nafter the surviving or resulting domestic limited liability company or\nother business entity shall have made the offer provided for in\nsubdivision (a) of this section, or if the domestic limited liability\ncompany or surviving domestic limited liability company or other\nbusiness entity shall fail to make such an offer within the period\nprovided for in subdivision (a) of this section, the procedure provided\nfor in paragraphs (h), (i), (j) and (k) of section six hundred\ntwenty-three of the business corporation law (or any successor\nprovisions or statute) shall apply, as such paragraphs may be amended\nfrom time to time.\n (c) A payment under this section shall constitute a return of a\nmember's contribution for the purposes of section five hundred eight of\nthis chapter.\n