490.1325  Payment.

1.  Except as provided in section 490.1327, at the time the proposed corporate action is taken, or upon receipt of a payment demand, whichever occurs later, the corporation shall pay each dissenter who complied with section 490.1323 the amount the corporation estimates to be the fair value of the dissenter's shares, plus accrued interest.

2.  The payment must be accompanied by all of the following:

a.  The corporation's balance sheet as of the end of a fiscal year ending not more than sixteen 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.

b.  A statement of the corporation's estimate of the fair value of the shares.

c.  An explanation of how the interest was calculated.

d.  A statement of the dissenter's right to demand payment under section 490.1328.

e.  A copy of this division.

Section History: Recent form

  89 Acts, ch 288, §139; 91 Acts, ch 211, §9

Internal References

  Referred to in § 490.1301, 490.1327, 490.1328, 490.1331, 524.1406


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