| (1) |
Except as provided in Section 16-10a-1327, upon the later of the effective date of the corporate action creating dissenters’ rights under Section 16-10a-1302, and receipt by the corporation of each payment demand pursuant to Section 16-10a-1323, the corporation shall pay the amount the corporation estimates to be the fair value of the dissenter’s shares, plus interest to each dissenter who has complied with Section 16-10a-1323, and who meets the requirements of Section 16-10a-1321, and who has not yet received payment. |
Terms Used In Utah Code 16-10a-1325
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
| (2) |
Each payment made pursuant to Subsection (1) shall be accompanied by:
| (a) |
| (i) |
| (A) |
the corporation’s balance sheet as of the end of its most recent fiscal year, or if not available, a fiscal year ending not more than 16 months before the date of payment; |
| (B) |
an income statement for that year; |
| (C) |
a statement of changes in shareholders’ equity for that year and a statement of cash flow for that year, if the corporation customarily provides such statements to shareholders; and |
| (D) |
the latest available interim financial statements, if any; |
|
| (ii) |
the balance sheet and statements referred to in Subsection (2)(a)(i) shall be audited if the corporation customarily provides audited financial statements to shareholders; |
|
| (b) |
a statement of the corporation’s estimate of the fair value of the shares and the amount of interest payable with respect to the shares; |
| (c) |
a statement of the dissenter’s right to demand payment under Section 16-10a-1328; and |
|
Amended by Chapter 324, 2010 General Session
Amended by Chapter 378, 2010 General Session
