{"data":{"id":"us-ms/miss.-code-ann.-79-29-912","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 79-29-912","heading":"Acquisition procedure.","body":"(1) If membership interests must be acquired under Section 79-29-911, the professional limited liability company shall deliver a written notice to the executor or administrator of the estate of its deceased member, or to the disqualified person or transferee, offering to purchase the membership interest at a price the limited liability company believes represents the membership interests’ fair value as of the date of death, disqualification or transfer. The offer notice must be accompanied by the limited liability company’s balance sheet for the most recent fiscal year ending prior to the date of death or disqualification, an income statement for that fiscal year, a reconciliation of members’ capital accounts for that fiscal year, and the latest available interim financial statements, if any.\n(2) The disqualified person has thirty (30) days from the effective date of the notice to accept the limited liability company’s offer or demand that the limited liability company commence a proceeding under Section 79-29-913 to determine the fair value of the disqualified person’s membership interest. If the individual accepts the offer, the limited liability company shall make payment for the membership interests within sixty (60) days from the effective date of the offer notice (unless a later date is agreed on) upon the disqualified person’s surrender of the disqualified person’s membership interest to the limited liability company.\n(3) After the limited liability company makes payment for the membership interest, the disqualified person has no further interest in the limited liability company.","path":["Title 79. Corporations, Associations, and Partnerships","Chapter 29. Revised Mississippi Limited Liability Company Act","Article 9. Professional Limited Liability Companies."],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.79.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:23Z","sha256":"a1be88cfb73bffb9b7e7b620099e1151bdf1c791e7eb7b41b26260bfb8ecee4d","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-79-29-911","next":"us-ms/miss.-code-ann.-79-29-913","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}