16-10a-1331 - Court costs and counsel fees.
16-10a-1331. Court costs and counsel fees.
(1) The court in an appraisal proceeding commenced under Section 16-10a-1330 shalldetermine all costs of the proceeding, including the reasonable compensation and expenses ofappraisers appointed by the court. The court shall assess the costs against the corporation, exceptthat the court may assess costs against all or some of the dissenters, in amounts the court findsequitable, to the extent the court finds that the dissenters acted arbitrarily, vexatiously, or not ingood faith in demanding payment under Section 16-10a-1328.
(2) The court may also assess the fees and expenses of counsel and experts for therespective parties, in amounts the court finds equitable:
(a) against the corporation and in favor of any or all dissenters if the court finds thecorporation did not substantially comply with the requirements of Sections 16-10a-1320 through16-10a-1328; or
(b) against either the corporation or one or more dissenters, in favor of any other party, ifthe court finds that the party against whom the fees and expenses are assessed acted arbitrarily,vexatiously, or not in good faith with respect to the rights provided by this part.
(3) If the court finds that the services of counsel for any dissenter were of substantialbenefit to other dissenters similarly situated, and that the fees for those services should not beassessed against the corporation, the court may award to those counsel reasonable fees to be paidout of the amounts awarded the dissenters who were benefited.
Enacted by Chapter 277, 1992 General Session