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.
(Cite as: 11A V.S.A. § 20.15)
-
§ 20.15. Judicial dissolution
(a) The Superior Court of the county in which the registered office of the corporation
is located may entertain a petition of any shareholder for involuntary dissolution
of any close corporation pursuant to sections 14.30-14.33 of this title.
(b) Any one or more shareholders desiring to continue the business of a close corporation
may avoid the dissolution of the corporation or the appointment of a trustee or receiver
under this section by electing in a written instrument filed in the proceeding to
purchase the shares of stock owned by the petitioner at a price equal to their fair
value. If a shareholder or shareholders making such election are unable to reach an
agreement with the petitioner as to the fair value of the petitioner’s shares within
30 days after the filing of such election, the court shall, upon said electing shareholders
giving bond or other security in an amount fixed by the court, stay the proceeding
and proceed to determine the fair value of such shares as of the close of the business
on the day on which the petition for dissolution was filed. Upon determining the fair
value of such shares, the court shall set forth in its order directing that the shares
be purchased, the purchase price and the time within which the payment shall be made,
and may decree such other terms and conditions of sale as it determines to be appropriate,
including payment of the purchase price in installments over a period of time and
the allocation of shares among shareholders electing to purchase them. The petitioner
shall be entitled to interest at the legal rate on the purchase price of the petitioner’s
shares from the date of the filing of the election for a determination of fair value
and all other rights of the petitioner as an owner of the shares shall terminate at
such date. Upon full payment of the purchase price, under the terms and conditions
specified by the court, or at such other time as may be ordered by the court, the
petitioner shall surrender the shares of stock to the purchasing shareholder or shareholders. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)