(1) A company shall, not later than 7 days after the day on which the action approved by the resolution is effective, or the day the company received the notice referred to in section 227, whichever is the later date, send to each dissenting shareholder who has sent such a notice—
(a) a written offer to pay for his or her shares in an amount considered by the directors of the company to be the fair value of those shares, which shall be accompanied with a statement showing how the fair value was determined; or
(b) if section 235 applies, a notification that it is unable lawfully to pay dissenting shareholders for their shares.
(2) Every offer made under subsection (1) for shares of the same class or series shall be on the same terms.
(3) Subject to section 235, a company shall pay for the shares of a dissenting shareholder within 10 days after an offer made under subsection (1) had been accepted; but the offer lapses if the company does not receive an acceptance of the offer within 30 days after it has been made.