Vermont § 834 - Acquisition procedure

§ 834. Acquisition procedure

• (a) If shares must be acquired under section 833 of this title, the professional corporation shall deliver a written notice to the executor or administrator
  of the estate of its deceased shareholder, or to the disqualified person or transferee,
  offering to purchase the shares at a price the corporation believes represents their
  fair value as of the date of death, disqualification, or transfer. The offer notice
  must be accompanied by the corporation’s balance sheet for a fiscal year ending not
  more than 16 months before the effective date of the offer notice, an income statement
  for that year, a statement of changes in shareholder equity for that year, and the
  latest available interim financial statement, if any. (b) The disqualified person or the executor or administrator of the estate of a deceased
  shareholder has 30 days from the effective date of the notice to accept the corporation’s
  offer or demand that the corporation commence a proceeding under section 835 of this title to determine the fair value of the disqualified person’s or the estate’s shares.
  If the disqualified person or the executor or administrator of the estate of a deceased
  shareholder accepts the offer, the corporation shall make payment of the shares within
  60 days from the effective date of the offer notice (unless a later date is agreed
  on) upon the disqualified person’s or the executor or administrator of the estate
  of a deceased shareholder’s surrender of shares to the corporation. (c) After the corporation makes payment for the shares, the disqualified person or the
  estate of a deceased shareholder has no further interest in them. (Added 2001, No. 77 (Adj. Sess.), § 1.)