50-4-716. Criteria for distribution of assets. (1) The public assets distributed to a foundation or nonprofit organization in accordance with 50-4-715 or 50-4-720 must be in the form of cash or a combination of cash and publicly traded securities or bonds or similar assets that are readily convertible to cash and for which a secondary market exists.
(2) The attorney general may determine that a distribution of assets of a nonprofit health entity is not required if the transaction is determined not to be a conversion transaction and is a transaction in the ordinary course of business and for fair market value.
(3) In determining fair market value, the attorney general may consider all relevant factors that may include but are not limited to:
(a) the value of the nonprofit health entity or an affiliate or the assets of the nonprofit health entity or affiliate that are determined as if the nonprofit health entity or affiliate had voting stock outstanding and 100% of its stock was freely transferable and available for purchase without restriction;
(b) the value as a going concern;
(c) the market value;
(d) the investment or earnings value;
(e) the net asset value; and
(f) a control premium, if any.
History: En. Sec. 14, Ch. 214, L. 2005.