2006 Code of Virginia § 13.1-737 - Payment

13.1-737. Payment.

A. Except as provided in 13.1-738, within 30 days after the form requiredby subsection B 2 b of 13.1-734 is due, the corporation shall pay in cashto those shareholders who complied with subsection A of 13.1-735.1 theamount the corporation estimates to be the fair value of their shares plusinterest.

B. The payment to each shareholder pursuant to subsection A shall beaccompanied by:

1. Financial statements of the corporation that issued the shares to beappraised, consisting of a balance sheet as of the end of a fiscal yearending not more than 16 months before the date of payment, an incomestatement for that year, a statement of changes in shareholders' equity forthat year, and the latest available interim financial statements, 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 pursuantto subdivision B 2 c of 13.1-734; and

3. A statement that shareholders described in subsection A have the right todemand further payment under 13.1-739 and that if any such shareholder doesnot do so within the time period specified therein, such shareholder shall bedeemed to have accepted such payment in full satisfaction of thecorporation's obligations under this article.

(Code 1950, 13-85, 13.1-75, 13.1-78; 1956, c. 428; 1968, c. 733; 1972, c.425; 1975, c. 500; 1984, c. 613; 1985, c. 522; 2005, c. 765.)