§ 43-38-808. Failure to Take Action
If the cooperative does not effectuate the proposed action that gave rise to the dissenter’s rights within two (2) months after the date set for demanding payment, the cooperative must send a new dissenter’s notice under § 43-38-804 and repeat the payment demand procedure if it effectuates the proposed action.
§ 43-38-809. After-Acquired Shares
A cooperative may elect to withhold payment required by § 43-38-807 from a dissenter unless the dissenter was a member before the date set forth in the dissenters’ notice as of the date of the first announcement to news media or to members of the principal terms of the proposed cooperative action. To the extent […]
§ 43-38-810. Procedure if Dissenter Dissatisfied With Payment or Offer
A dissenter may notify the cooperative in writing of the dissenter’s own estimate of the fair value of the dissenter’s membership interest and amount of interest due, and demand payment of the dissenter’s estimate, less any payment under § 43-38-807, or reject the cooperative offer under § 43-38-809 and demand payment of the fair value […]
§ 43-38-811. Judicial Appraisal of Shares
If a demand for payment under § 43-38-810 remains unsettled, the cooperative shall commence a proceeding within two (2) months after receiving the payment demand and petition the court to determine the fair value of the membership interest and accrued interest. If the cooperative does not commence the proceeding within the two-month period, it shall […]
§ 43-38-812. Costs and Fees of Judicial Appraisal
The court in an appraisal proceeding commenced under § 43-38-811 shall determine all costs of the proceeding including the reasonable compensation and expenses of appraisers appointed by the court. The court shall assess the costs against the cooperative, except that the court may assess costs against all or some of the dissenters, in amounts the […]
§ 43-38-813. Procedures as to Assignees of Financial Rights
When an assignment of some or all of the financial rights of a membership is in effect and a copy delivered to the cooperative prior to the time described in § 43-38-807, then as to that membership interest §§ 43-38-801 — 43-38-812 must be followed, subject to the following: All rights to be exercised and […]
§ 43-38-807. Payment of Fair Value of Dissenter’s Membership Interest
Except as provided in § 43-38-809, as soon as the proposed cooperative action is effectuated, or upon receipt of a payment demand, whichever is later, the cooperative shall pay each dissenter who complied with § 43-38-806 the amount the cooperative estimates to be the fair value of the dissenter’s membership interest, plus accrued interest. The […]
§ 43-38-801. Part Definitions
As used in this part, unless the context otherwise requires: “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger; “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner […]
§ 43-38-802. Actions Entitling Member to Dissent
A member of a cooperative is entitled to dissent from and obtain payment of the fair value, as determined under § 43-38-807, of the member’s membership interests in the event of any of the following cooperative actions: Consummation of a plan or merger to which the cooperative is a party; Consummation of a sale, lease, […]
§ 43-38-803. Submitting Action Creating Dissenter’s Right to Vote
If proposed cooperative action creating dissenter’s rights under § 43-38-802 is submitted to a vote at a members’ meeting, the meeting notice must state that members are or may be entitled to assert dissenter’s rights under this part and be accompanied by a copy of this part. If cooperative action creating dissenter’s rights under § […]