CORPORATIONS, ASSOCIATIONS, AND PROPRIETORS OF COMMON LANDS
294-A:11 Determination of Value by a Court.
I. If the disqualified person and the corporation do not agree on a fair value of the shares within 30 days after the written offer from the corporation, the corporation, within 30 days after receipt of written demand from the disqualified person given within 60 days after the date of the corporation's written offer shall, or at its election at any time within the period of 60 days may, file a petition in the superior court for the county in which the registered office of the corporation is located requesting that the fair value of the shares be found and determined.
II. If the corporation fails to institute the proceeding as provided in this section the disqualified person may do so within 60 days after delivery of the written demand to the corporation.
III. The disqualified person, wherever residing, shall be made a party to the proceeding as an action against his shares quasi in rem. A copy of the petition shall be personally served on the disqualified person, if a resident of this state, and shall be served by registered or certified mail on the disqualified person, if a nonresident. Service on nonresidents may also be made by publication, if ordered by the court. The jurisdiction of the court shall be exclusive.
IV. The disqualified person shall be entitled to judgment against the corporation for the amount of the fair value of his shares as of the date of death, disqualification, or transfer upon surrender to the corporation of the certificate or certificates representing the shares. The court may, in its discretion, order that the judgment be paid in installments as the court may determine.
V. The court may, if it so elects, appoint one or more persons as appraisers to receive evidence and recommend a decision on the question of fair value. The appraisers shall have the power and authority as specified in the order of their appointment or in an amendment of the order.
Source. 1981, 236:1, eff. Feb. 1, 1982.