Vermont Statutes Title 11 Sec. 834
Terms Used In Vermont Statutes Title 11 Sec. 834
- 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.
- Executor: A male person named in a will to carry out the decedent
- 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.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 834. Acquisition procedure
(a) If shares must be acquired under section 833 of this title, the professional corporation shall deliver a written notice to the executor or administrator of the estate of its deceased shareholder, or to the disqualified person or transferee, offering to purchase the shares at a price the corporation believes represents their fair value as of the date of death, disqualification, or transfer. The offer notice must be accompanied by the corporation’s balance sheet for a fiscal year ending not more than 16 months before the effective date of the offer notice, an income statement for that year, a statement of changes in shareholder equity for that year, and the latest available interim financial statement, if any.
(b) The disqualified person or the executor or administrator of the estate of a deceased shareholder has 30 days from the effective date of the notice to accept the corporation’s offer or demand that the corporation commence a proceeding under section 835 of this title to determine the fair value of the disqualified person’s or the estate’s shares. If the disqualified person or the executor or administrator of the estate of a deceased shareholder accepts the offer, the corporation shall make payment of the shares within 60 days from the effective date of the offer notice (unless a later date is agreed on) upon the disqualified person’s or the executor or administrator of the estate of a deceased shareholder’s surrender of shares to the corporation.
(c) After the corporation makes payment for the shares, the disqualified person or the estate of a deceased shareholder has no further interest in them. (Added 2001, No. 77 (Adj. Sess.), § 1.)