Section 1005. Payment of interest of dissenting members

(a) Within ten days
  after the occurrence of an event described in section ten hundred two of
  this  article,  the  surviving  or  resulting domestic limited liability
  company or other business entity shall send to  each  dissenting  former
  member  a  written  offer  to  pay in cash the fair value of such former
  member's membership interest. Payment in cash  shall  be  made  to  each
  former  member accepting such offer within ten days after notice of such
  acceptance is received by the surviving or  resulting  domestic  limited
  liability company or other business entity.
    (b)  If  a  former  member  and  the  surviving  or  resulting limited
  liability company or other business entity fail to agree on the price to
  be paid for the former member's membership interest within  ninety  days
  after  the  surviving or resulting domestic limited liability company or
  other business  entity  shall  have  made  the  offer  provided  for  in
  subdivision  (a)  of  this section, or if the domestic limited liability
  company  or  surviving  domestic  limited  liability  company  or  other
  business  entity  shall  fail  to  make  such an offer within the period
  provided for in subdivision (a) of this section, the procedure  provided
  for  in  paragraphs  (h),  (i),  (j)  and  (k)  of  section  six hundred
  twenty-three  of  the  business  corporation  law  (or   any   successor
  provisions  or  statute)  shall apply, as such paragraphs may be amended
  from time to time.
    (c) A payment under this  section  shall  constitute  a  return  of  a
  member's  contribution for the purposes of section five hundred eight of
  this chapter.