Kentucky Statutes 271B.13-250 – Payment
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as provided in KRS § 271B.13-270, as soon as the proposed corporate action is taken, or upon receipt of a payment demand, the corporation shall pay each dissenter who complied with KRS § 271B.13-230 the amount the corporation estimates to be the fair value of his shares, plus accrued interest.
(2) The payment shall be accompanied by:
(a) The corporation’s balance sheet as of the end of a fiscal year ending not more than sixteen (16) 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; and
(d) A statement of the dissenter’s right to demand payment under KRS § 271B.13-
280.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 131, effective January 1, 1989.
(2) The payment shall be accompanied by:
Terms Used In Kentucky Statutes 271B.13-250
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- 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.
- Corporation: means the issuer of the shares held by a dissenter, except that in the case of a merger where the issuing corporation is not the surviving corporation, then, after consummation of the merger, "corporation" shall mean the surviving corporation. See Kentucky Statutes 271B.13-010
- Dissenter: means a shareholder who is entitled to dissent from corporate action under KRS §. See Kentucky Statutes 271B.13-010
- 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.
- Interest: means interest from the effective date of the corporate action until the date of payment, at the average rate currently paid by the corporation on its principal bank loans or, if none, at a rate that is fair and equitable under all the circumstances. See Kentucky Statutes 271B.13-010
- Year: means calendar year. See Kentucky Statutes 446.010
(a) The corporation’s balance sheet as of the end of a fiscal year ending not more than sixteen (16) 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; and
(d) A statement of the dissenter’s right to demand payment under KRS § 271B.13-
280.
Effective: January 1, 1989
History: Created 1988 Ky. Acts ch. 23, sec. 131, effective January 1, 1989.