10-2224. Acquisition procedure
A. If shares must be acquired under section 10-2223 and the price is not fixed as
described in section 10-2223, subsection B, paragraph 1, the professional corporation
shall deliver within the applicable time period specified in section 10-2227 a written
notice to the disqualified shareholder, offering to purchase the shares at a price the
corporation believes represents their fair value as of the date of death, dissolution,
disqualification or transfer. The offer notice shall be accompanied by the corporation's
balance sheet for a fiscal year ending not more than sixteen months before the effective
date of the offer notice, 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. The disqualified shareholder has thirty days after the effective date of the
offer notice to accept the corporation's offer or demand that the corporation commence a
proceeding under section 10-2225 to determine the fair value of the disqualified
shareholder's shares. If the disqualified shareholder accepts the offer, the corporation
shall make payment for the shares within sixty days after the effective date of the offer
notice, unless a later date is agreed on, on the disqualified shareholder's surrender of
the disqualified shareholder's shares to the corporation.
C. After the corporation makes payment for the shares, the disqualified person has
no further interest in them.
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