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Ark. Code Ann. § 4-27-1325

Payment

Known as the Arkansas Business Corporation Act

The act spans §§ 4–4 (323 sections).

Applied in 1 court decision — leading case First Union National Bank v. Benham (2005)

Most recently applied in First Union National Bank v. Benham (September 2005)

Acts 1987, No. 958, § 64-1309.

(1) Except as provided in § 4-27-1327, as soon as the proposed corporate action is taken, or upon receipt of a payment demand, the corporation shall pay each dissenter who complied with § 4-27-1323 the amount the corporation estimates to be the fair value of his shares, plus accrued interest.

(2) The payment must be accompanied by: the corporation's balance sheet as of the end of a fiscal year ending not more than sixteen (16) months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and the latest available interim financial statements, if any;

(3) a statement of the corporation's estimate of the fair value of the shares;

(4) an explanation of how the interest was calculated;

(5) a statement of the dissenter's right to demand payment under § 4-27-1328; and

(6) a copy of this subchapter.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.