LegalFix
Sign In

Section 14A:11-8 - Action to determine fair value; jurisdiction of court; appointment of appraiser

NJ Rev Stat § 14A:11-8 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

14A:11-8. Action to determine fair value; jurisdiction of court; appointment of appraiser

In any action to determine the fair value of shares pursuant to this Chapter:

(a) The Superior Court shall have jurisdiction and may proceed in the action in a summary manner or otherwise;

(b) All dissenting shareholders, wherever residing, except those who have agreed with the corporation upon the price to be paid for their shares, shall be made parties thereto as an action against their shares quasi in rem;

(c) The court in its discretion may appoint an appraiser to receive evidence and report to the court on the question of fair value, who shall have such power and authority as shall be specified in the order of his appointment; and

(d) The court shall render judgment against the corporation and in favor of each shareholder who is a party to the action for the amount of the fair value of his shares.

L.1968, c.350.

Previous Section
Section 14A:11-7 - Procedure on failure to agree upon fair value; commencement of action to determine fair value
Next Section
Section 14A:11-9 - Judgment in action to determine fair value