§ 43-38-807 — Payment of fair value of dissenter's membership interest

(a) Except as provided in § 43-38-809 , as soon as the proposed cooperative action is effectuated, or upon receipt of a payment demand, whichever is later, the cooperative shall pay each dissenter who complied with § 43-38-806 the amount the cooperative estimates to be the fair value of the dissenter's membership interest, plus accrued interest. (b) The payment must be accompanied by: (1) The cooperative'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, and the latest available interim financial statements, if any; (2) A statement of the cooperative estate of the fair value of the membership interests; (3) An explanation of how the value of the membership interest was calculated; (4) A statement of the dissenter's right to demand payment under § 43-38-810 ; and (5) A copy of this part, if the cooperative has not previously sent a copy of this part to the member pursuant to § 43-38-803 or § 43-38-805 .

Legislative History

Acts 2004, ch. 534, § 27.