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Corporations | |
Share Assessment Act | |
Section 205 | Notice of assessment -- Form and contents. |
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16-4-205. Notice of assessment -- Form and contents. When the board of directors levies an assessment, the secretary shall prepare a notice of assessment, including: (1) the name of the corporation; (2) the location of the corporation's principal place of business; (3) the date of the meeting at which the board of directors adopted the order levying the assessment; (4) a description of the class or classes of shares assessed, and the amount of assessment per share; (5) the time, place, and manner of payment; (6) the day on which payment is considered delinquent; (7) if assessments are not levied on an equal basis, a statement that the equitable basis for the assessments is set forth in the order; and (8) a general statement that the board of directors may elect various remedies to enforce payment, including the auctioning of shares.
Enacted by Chapter 367, 2007 General Session |
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