§ 48-23-206 — Payment

Tennessee § 48-23-206

• Jurisdiction: Tennessee
• Title: 48

Text

(a) Except as provided in § 48-23-208 , as soon as the proposed corporate action is effectuated, or upon receipt of a payment demand, whichever is later, the corporation shall pay each dissenter who complied with § 48-23-204 the amount the corporation estimates to be the fair value of each dissenter's 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 (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, which estimate shall equal or exceed the corporation's estimate given pursuant to § 48-23-203(b)(2)(C) ; (3) An explanation of how the interest was calculated; (4) A statement of the dissenter's right to demand payment under § 48-23-209 ; and (5) A copy of this chapter if the corporation has not previously sent a copy of this chapter to the shareholder pursuant to § 48-23-201 or § 48-23-203 .

Legislative History

Amended by 2015 Tenn. Acts, ch. 60,s 4, eff. 4/6/2015. Acts 1986, ch. 887, § 13.25.