(a) Except as provided in § 33-867, within thirty days after the form required by subparagraph (B) of subdivision (2) of subsection (b) of § 33-862 is due, the corporation shall pay in cash to those shareholders who complied with subsection (a) of § 33-863 the amount the corporation estimates to be the fair value of their shares, plus interest.

Terms Used In Connecticut General Statutes 33-865

  • 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.

(b) The payment to each shareholder pursuant to subsection (a) of this section shall be accompanied by:

(1) (A) The annual financial statements specified in subsection (a) of § 33-951 of the corporation that issued the shares to be appraised, which shall be as of a date ending not more than sixteen months before the date of payment and shall comply with subsection (b) of § 33-951, except that, if such annual financial statements are not reasonably available, the corporation shall provide reasonably equivalent financial information, and (B) the latest available quarterly financial statements of such corporation, if any;

(2) A statement of the corporation’s estimate of the fair value of the shares which estimate must equal or exceed the corporation’s estimate given pursuant to subparagraph (C) of subdivision (2) of subsection (b) of § 33-862; and

(3) A statement that shareholders described in subsection (a) of this section have the right to demand further payment under § 33-868 and that if any such shareholder does not do so within the time period specified therein, such shareholder shall be deemed to have accepted such payment in full satisfaction of the corporation’s obligations under sections 33-855 to 33-872.

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