The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
SHARES
(Cite as: 11 V.S.A. § 834)
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§ 834. Acquisition procedure
(a) If shares must be acquired under section 833 of this title, the professional corporation shall deliver a written notice to the executor or administrator
of the estate of its deceased shareholder, or to the disqualified person or transferee,
offering to purchase the shares at a price the corporation believes represents their
fair value as of the date of death, disqualification, or transfer. The offer notice
must be accompanied by the corporation’s balance sheet for a fiscal year ending not
more than 16 months before the effective date of the offer notice, an income statement
for that year, a statement of changes in shareholder equity for that year, and the
latest available interim financial statement, if any.
(b) The disqualified person or the executor or administrator of the estate of a deceased
shareholder has 30 days from the effective date of the notice to accept the corporation’s
offer or demand that the corporation commence a proceeding under section 835 of this title to determine the fair value of the disqualified person’s or the estate’s shares.
If the disqualified person or the executor or administrator of the estate of a deceased
shareholder accepts the offer, the corporation shall make payment of the shares within
60 days from the effective date of the offer notice (unless a later date is agreed
on) upon the disqualified person’s or the executor or administrator of the estate
of a deceased shareholder’s surrender of shares to the corporation.
(c) After the corporation makes payment for the shares, the disqualified person or the
estate of a deceased shareholder has no further interest in them. (Added 2001, No. 77 (Adj. Sess.), § 1.)