§ 17-16-1330 — Court action

Wyoming § 17-16-1330

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 16: WYOMING BUSINESS CORPORATION ACT
• Art. 13: APPRAISAL RIGHTS

Text

(a) If a shareholder makes a demand for payment under W.S.
17-16-1326 which remains unsettled, the corporation shall
commence a proceeding within sixty (60) days after receiving the
payment demand and petition the court to determine the fair
value of the shares and accrued interest. If the corporation
does not commence the proceeding within the sixty (60) day
period, it shall pay each shareholder demanding appraisal rights
whose demand remains unsettled the amount demanded pursuant to
W.S. 17-16-1326 plus interest.
(b) The corporation shall commence the proceeding in the
district court of the county where a corporation's principal
office, or if none in this state, its registered office, is
located. If the corporation is a foreign corporation without a
registered office in this state, it shall commence the
proceeding in the county in this state where the principal
office or registered office of the domestic corporation merged
with or whose shares were acquired by the foreign corporation
was located at the time of the transaction.
(c) The corporation shall make all shareholders, whether
or not residents of this state, whose demands remain unsettled
parties to the proceeding as in an action against their shares
and all parties shall be served with a copy of the petition.
Nonresidents may be served by registered or certified mail or by
publication as provided by law.
(d) The jurisdiction of the court in which the proceeding
is commenced under subsection (b) of this section is plenary and
exclusive. The court may appoint one (1) or more persons as
appraisers to receive evidence and recommend decision on the
question of fair value. The appraisers have the powers
described in the order appointing them, or in the amendment to
it. The shareholders demanding appraisal rights are entitled to
the same discovery rights as parties in other civil proceedings.
(e) Each shareholder made a party to the proceeding is
entitled to judgment for:
(i) The amount, if any, by which the court finds the
fair value of his shares, plus interest, exceeds the amount paid
by the corporation to the shareholder for those shares; or
(ii) The fair value, plus accrued interest, of his
after-acquired shares for which the corporation elected to
withhold payment under W.S. 17-16-1325.