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Michigan Compiled Laws, Chapter 450. Corporations § 450.1769

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 769. (1) Except as provided in section 771,  1within 7 days after the proposed corporate action is taken or a payment demand is received, whichever occurs later, the corporation shall pay each dissenter who complied with section 767  2 the amount the corporation estimates to be the fair value of his or her shares, plus accrued interest.

(2) The payment must be accompanied by all of the following:

(a) The corporation's balance sheet as of the end of a fiscal year ending not more than 16 months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and if available the latest interim financial statements.

(b) A statement of the corporation's estimate of the fair value of the shares.

(c) An explanation of how the interest was calculated.

(d) A statement of the dissenter's right to demand payment under section 772.  3

1 M.C.L.A. § 450.1771.
2 M.C.L.A. § 450.1767.
3 M.C.L.A. § 450.1772.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 450. Corporations § 450.1769 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-450-corporations/mi-comp-laws-450-1769/

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