State Codes and Statutes
Statutes > Utah > Title-16 > Chapter-10a > 16-10a-132516-10a-1325. Payment.
(1) Except as provided in Section 16-10a-1327, upon the later of the effective date of thecorporate action creating dissenters' rights under Section 16-10a-1302, and receipt by thecorporation of each payment demand pursuant to Section 16-10a-1323, the corporation shall paythe amount the corporation estimates to be the fair value of the dissenter's shares, plus interest toeach dissenter who has complied with Section 16-10a-1323, and who meets the requirements ofSection 16-10a-1321, and who has not yet received payment.
(2) Each payment made pursuant to Subsection (1) shall be accompanied by:
(a) (i) (A) the corporation's balance sheet as of the end of its most recent fiscal year, or ifnot available, a fiscal year ending not more than 16 months before the date of payment;
(B) an income statement for that year;
(C) a statement of changes in shareholders' equity for that year and a statement of cashflow for that year, if the corporation customarily provides such statements to shareholders; and
(D) the latest available interim financial statements, if any;
(ii) the balance sheet and statements referred to in Subsection (2)(a)(i) shall be audited ifthe corporation customarily provides audited financial statements to shareholders;
(b) a statement of the corporation's estimate of the fair value of the shares and theamount of interest payable with respect to the shares;
(c) a statement of the dissenter's right to demand payment under Section 16-10a-1328;and
(d) a copy of this part.
Amended by Chapter 324, 2010 General Session
Amended by Chapter 378, 2010 General Session
