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Maryland Code, Corporations and Associations § 3-207

Current as of December 31, 2021 | Updated by FindLaw Staff

(a)(1) The successor promptly shall notify each objecting stockholder in writing of the date the articles are accepted for record by the Department.

(2) The successor also may send a written offer to pay the objecting stockholder what it considers to be the fair value of his stock. Each offer shall be accompanied by the following information relating to the corporation which issued the stock:

(i) A balance sheet as of a date not more than six months before the date of the offer;

(ii) A profit and loss statement for the 12 months ending on the date of the balance sheet; and

(iii) Any other information the successor considers pertinent.

(b) The successor shall deliver the notice and offer to each objecting stockholder personally or mail them to him by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, at the address he gives the successor in writing, or, if none, at his address as it appears on the records of the corporation which issued the stock.

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Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 3-207 - last updated December 31, 2021 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-3-207/

Read this complete Maryland Code, Corporations and Associations § 3-207 on Westlaw

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