Vermont Code § 11 V.S.A. § 835

§ 835. Court action to appraise shares
(a) If the disqualified person or the executor or administrator of the estate of a deceased
shareholder does not accept the professional corporation’s offer under subsection 834(b) of this title within the 30-day period, the disqualified person or the executor or administrator
of the estate of a deceased shareholder, during the following 30-day period, may deliver
a written notice to the corporation, demanding that it commence a proceeding to determine
the fair value of the shares. The corporation may commence a proceeding at any time
during the 60 days following the effective date of its offer notice. If it does not
do so, the disqualified person or the executor or administrator of the estate of a
deceased shareholder may commence a proceeding against the corporation to determine
the fair value of his or her shares.
(b) The corporation, the disqualified person, or the executor or administrator of the
estate of a deceased shareholder shall commence the proceeding in the Superior Court
of the county where the corporation’s principal office or, if none in this State,
the corporation’s registered office is located. The corporation shall make the disqualified
person or the executor or administrator of the estate of a deceased shareholder a
party to the proceeding as in an action against the shareholder’s shares. The jurisdiction
of the court in which the proceeding is commenced is plenary and exclusive.
(c) The court may appoint one or more persons as appraisers to receive evidence and recommend
decision on the question of fair value. The appraisers have the power described in
the order appointing them, or in any amendment to it.
(d) The disqualified person or the estate of a deceased shareholder is entitled to judgment
for the fair value of the shareholder’s shares 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.
(e) The court may order the judgment paid in installments determined by the court.

‹ Prev All Vermont sections Next ›

Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.