South Carolina Statutes
§ 33-13-250 — Payment.
(a)Except as provided in Section 33-13-270, as soon as the proposed corporate action is taken, or upon receipt of a payment demand, the corporation shall pay each dissenter who substantially complied with Section 33-13-230 the amount the corporation estimates to be the fair value of his shares, plus accrued interest.
(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 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 an explanation of how the fair value was calculated;
(3)an explana
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Legislative History
HISTORY: Derived from 1976 Code SECTION 33-11-270 [1962 Code SECTION 12-16.27; 1952 Code SECTIONS 12-459 to 12-462, 12-633 to 12-635; 1942 Code SECTIONS 7706, 7759; 1932 Code SECTIONS 7706, 7759; 1925 (34) 246; 1926 (34) 1052; 1962 (52) 1996; 1963 (53) 327; 1981 Act No. 146, SECTION 2; Repealed, 1988 Act No. 444, SECTION 2]; 1988 Act No. 444, SECTION 2.
Nearby Sections
14
§ 33-13-101
Definitions.§ 33-13-102
Right to dissent.§ 33-13-103
Dissent by nominees and beneficial owners.§ 33-13-200
Notice of dissenters' rights.§ 33-13-210
Notice of intent to demand payment.§ 33-13-220
Dissenters' notice.§ 33-13-230
Shareholders' payment demand.§ 33-13-240
Share restrictions.§ 33-13-250
Payment.§ 33-13-260
Failure to take action.§ 33-13-270
After-acquired shares.§ 33-13-300
Court action.§ 33-13-310
Court costs and counsel fees.