Sec. 769.
(1) Except as provided in section 771, within 7 days after the proposed corporate action is taken or a payment demand is received, whichever occurs later, the corporation shall pay each dissenter who complied with section 767 the amount the corporation estimates to be the fair value of his or her shares, plus accrued interest.
(2) The payment must be accompanied by all of the following:
(a) The corporation's balance sheet as of the end of a fiscal year ending not more than 16 months before the date of payment, an income statement for that year, a statement of changes in shareholders' equity for that year, and if available the latest interim financial statements.
(b) A statement of the corporation's estimate of the fair value of the shares.
(c) An explanation of how the interest was calculated.
(d) A statement of the dissenter's right to demand payment under section 772.
History: 1972, Act 284, Eff. Jan. 1, 1973 ;-- Am. 1989, Act 121, Eff. Oct. 1, 1989 ;-- Am. 1993, Act 91, Eff. Oct. 1, 1993
Structure Michigan Compiled Laws
Act 284 of 1972 - Business Corporation Act (450.1101 - 450.2099)
284-1972-7 - Chapter 7 Corporate Combinations and Dispositions (450.1701...450.1774)
Section 450.1701 - Merger of Domestic Corporations; Adoption and Contents of Plan of Merger.
Section 450.1702 - Plan of Share Exchange; Approval; Contents; Power of Corporation Not Limited.
Section 450.1703 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1703a - Plan of Merger or Share Exchange; Approval; Definitions.
Section 450.1704 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1707 - Certificate of Merger or Share Exchange.
Section 450.1712 - Merger of Parent and Subsidiary Corporations; Certificate of Merger.
Section 450.1713 - Merger of Parent and Subsidiary Corporations; Approval of Shareholders.
Section 450.1721-450.1723 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1724 - Merger; Applicable Provisions; Share Exchange.
Section 450.1731-450.1734 - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1736 - Merger of Domestic Corporation With Business Organization.
Section 450.1741 - Abandonment of Merger or Share Exchange.
Section 450.1746 - Conversion of Business Organization Into Domestic Corporation; Requirements.
Section 450.1751 - Disposition of Corporate Property and Assets; Approval by Shareholders.
Section 450.1754 - Rights of Shareholders.
Section 450.1761 - Definitions.
Section 450.1762 - Right of Shareholder to Dissent and Obtain Payment for Shares.
Section 450.1764 - Corporate Action Creating Dissenters' Rights; Vote of Shareholders; Notice.
Section 450.1765 - Notice of Intent to Demand Payment for Shares.
Section 450.1766 - Dissenters' Notice; Delivery to Shareholders; Contents.
Section 450.1768 - Restriction on Transfer of Shares Without Certificates; Retention of Rights.
Section 450.1768a - Repealed. 1989, Act 121, Eff. Oct. 1, 1989.
Section 450.1769 - Payment by Corporation to Dissenter; Accompanying Documents.