13.1-737 - Payment. - Virginia Statutes

§ 13.1-737. Payment.

A. Except as provided in § 13.1-738, within 30 days after the form requiredby subsection B 2 b of § 13.1-734 is due, the corporation shall pay in cashto those shareholders who complied with subsection A of § 13.1-735.1 theamount the corporation estimates to be the fair value of their shares plusinterest.

B. The payment to each shareholder pursuant to subsection A shall beaccompanied by:

1. The (i) annual financial statements specified in subsection A of §13.1-774 of the corporation that issued the shares to be appraised, whichshall be as of a date ending not more than 16 months before the date ofpayment and shall comply with subsection B of § 13.1-774; provided that, ifsuch annual financial statements are not available, the corporation shallprovide reasonably equivalent information, and (ii) the latest availablequarterly financial statements of such corporation, if any;

2. A statement of the corporation's estimate of the fair value of the shares,which estimate shall equal or exceed the corporation's estimate givenpursuant to subdivision B 2 c of § 13.1-734; and

3. A statement that shareholders described in subsection A have the right todemand further payment under § 13.1-739 and that if any such shareholder doesnot do so within the time period specified therein, such shareholder shall bedeemed to have accepted such payment in full satisfaction of thecorporation's obligations under this article.

(Code 1950, §§ 13-85, 13.1-75, 13.1-78; 1956, c. 428; 1968, c. 733; 1972, c.425; 1975, c. 500; 1984, c. 613; 1985, c. 522; 2005, c. 765; 2007, c. 165.)