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§ 5-115. Fair value proceedings

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 5. Special Types of Corporations (Refs & Annos)
Subtitle 1. Professional Service Corporations
MD Code, Corporations and Associations, § 5-115
§ 5-115. Fair value proceedings
Currentness
Venue; parties; jurisdiction
(a)(1) A proceeding under § 5-114(c) or (d) of this subtitle to determine the fair value of stock shall be filed in the circuit court for the county where the corporation's principal office or registered office is located.
(2) The corporation shall make the disqualified stockholder a party to the proceeding as in an action against the stockholder's stock.
(3) The jurisdiction of the court in which the proceeding is filed is plenary and exclusive.
Appraisers
(b)(1) The court may appoint one or more persons as appraisers to receive evidence and make recommendations on the question of fair value.
(2) The appraisers under paragraph (1) of this subsection have the powers described in the order appointing them.
Fair value of stock
(c) The disqualified stockholder is entitled to judgment for the fair value of his stock 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.
Installments
(d) The court may order the judgment to be paid in installments.

Credits

Added by Acts 1993, c. 413, § 2.
MD Code, Corporations and Associations, § 5-115, MD CORP & ASSNS § 5-115
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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