Section 1118. Purchase of petitioner's shares; valuation

(a)  In  any  proceeding  brought  pursuant  to section eleven hundred
  four-a of this chapter, any other shareholder  or  shareholders  or  the
  corporation may, at any time within ninety days after the filing of such
  petition or at such later time as the court in its discretion may allow,
  elect  to  purchase  the  shares  owned by the petitioners at their fair
  value and upon such terms and conditions  as  may  be  approved  by  the
  court,  including  the  conditions  of paragraph (c) herein. An election
  pursuant to this section shall be irrevocable unless the court,  in  its
  discretion,  for just and equitable considerations, determines that such
  election be revocable.
    (b) If one or more shareholders or the corporation elect  to  purchase
  the  shares  owned  by  the  petitioner but are unable to agree with the
  petitioner upon the fair value of  such  shares,  the  court,  upon  the
  application   of   such  prospective  purchaser  or  purchasers  or  the
  petitioner, may stay the proceedings brought pursuant to section  1104-a
  of  this chapter and determine the fair value of the petitioner's shares
  as of the day prior to the  date  on  which  such  petition  was  filed,
  exclusive  of  any  element of value arising from such filing but giving
  effect to any adjustment or surcharge found to  be  appropriate  in  the
  proceeding under section 1104-a of this chapter. In determining the fair
  value  of  the  petitioner's  shares,  the court, in its discretion, may
  award interest from the date the  petition  is  filed  to  the  date  of
  payment  for the petitioner's share at an equitable rate upon judicially
  determined fair value of his shares.
    (c) In connection with any  election  to  purchase  pursuant  to  this
  section:
    (1)  If  such  election is made beyond ninety days after the filing of
  the petition, and the court allows such  petition,  the  court,  in  its
  discretion, may award the petitioner his reasonable expenses incurred in
  the  proceeding  prior to such election, including reasonable attorneys'
  fees;
    (2) The court, in its discretion, may require, at any  time  prior  to
  the  actual  purchase  of  petitioner's shares, the posting of a bond or
  other acceptable security in an amount sufficient to  secure  petitioner
  for the fair value of his shares.