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The Vermont Statutes Online

 

Title 11A : Vermont Business Corporations

Chapter 013 : DISSENTERS' RIGHTS

Subchapter 002 : PROCEDURE FOR EXERCISE OF DISSENTERS' RIGHTS

(Cite as: 11A V.S.A. § 13.28)
  • § 13.28. Procedure if shareholder dissatisfied with payment or offer

    (a) A dissenter may notify the corporation in writing of his or her own estimate of the fair value of his or her shares and amount of interest due, and demand payment of his or her estimate (less any payment under section 13.25 of this title), or reject the corporation's offer under section 13.27 of this title and demand payment of the fair value of his or her shares and interest due, if:

    (1) the dissenter believes that the amount paid under section 13.25 or offered under section 13.27 is less than the fair value of his or her shares or that the interest due is incorrectly calculated;

    (2) the corporation fails to make payment under section 13.25 within 60 days after the date set for demanding payment; or

    (3) the corporation, having failed to take the proposed action, does not return the deposited certificates or release the transfer restrictions imposed on uncertificated shares within 60 days after the date set for demanding payment.

    (b) A dissenter waives his or her right to demand payment under this section unless he or she notifies the corporation of his or her demand in writing under subsection (a) of this section within 30 days after the corporation made or offered payment for his or her shares. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)