Section 5-115 - Proceeding to determine fair value. - Maryland Statutes

§ 5-115. Proceeding to determine fair value.
 

(a)  Filing; parties; jurisdiction.-  

(1) A proceeding under § 5-114(c) or (d) of this subtitle to determine the fair value of stock shall be filed in the circuit court for the county where the corporation's principal office or registered office is located. 

(2) The corporation shall make the disqualified stockholder a party to the proceeding as in an action against the stockholder's stock. 

(3) The jurisdiction of the court in which the proceeding is filed is plenary and exclusive. 

(b)  Appraisers.-  

(1) The court may appoint one or more persons as appraisers to receive evidence and make recommendations on the question of fair value. 

(2) The appraisers under paragraph (1) of this subsection have the powers described in the order appointing them. 

(c)  Amount of judgment.- The disqualified stockholder is entitled to judgment for the fair value of his stock determined by the court as of the date of death, disqualification, or transfer, together with interest from that date at a rate found by the court to be fair and equitable. 

(d)  Payment of judgment.- The court may order the judgment to be paid in installments. 
 

[1993, ch. 413, § 2.]