MHHS · Business Corporations Act
Part 17 — Liquidation and Dissolution
225 Shareholder's right to distribution in money
shareholders resolve or the liquidator proposes to
(a) exchange all or substan tially all the property of the
corporation for securities of another body corporate that are
to be distributed to the shareholders, or
(b) distribute all or part of the property of the corporation to the
shareholders in kind,
a shareholder may apply to the Court for an order requiring the
distribution of the property of the corporation to be in money.
(2) On an application under subsection (1), the Court may order
that
RSA 2000
(a) all the property of the corporation be converted into and
distributed in money, or
(b) the applicant be paid the fa ir value of the applicant's shares,
in which case the Court
(i) may determine whether any other shareholder is opposed
to the proposal and if so, join that shareholder as a party,
(ii) may appoint one or more appraisers to assist the Court to
fix the fair value of the shares,
(iii) shall fix the fair value o f the shares of the applicant and
the other shareholders joined as parties as of a date
determined by the Court,
(iv) shall give judgment in the amount of the fair value
against the corporation and in favour of each of the
shareholders who are parties to the application, and
(v) fix the time within which the liquidator must pay that
amount to a shareholder after delivery of the
shareholder's shares to the liquidator, if the
shareholder's share certificate has not been delivered to
the Court or to the liquidator at the time the order is
pronounced.
1981 cB-15 s217