Title 13-C: MAINE BUSINESS CORPORATION ACT HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
Chapter 13: APPRAISAL RIGHTS HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
Subchapter 2: PROCEDURE FOR EXERCISE OF APPRAISAL RIGHTS HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
§1321. Notice of appraisal rights
1.Meeting notice.
If a proposed corporate action described in section 1302 is to be submitted to a vote at a shareholders' meeting, the meeting
notice must state that the corporation has concluded that shareholders are, are not or may be entitled to assert appraisal
rights under this chapter. If the corporation concludes that appraisal rights are or may be available, a copy of this chapter
must accompany the meeting notice sent to those record shareholders entitled to exercise appraisal rights.
[
2001, c. 640, Pt. A, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]
2.Notice of corporate action.
In a merger pursuant to section 1105, the parent corporation shall notify in writing all record shareholders of the subsidiary
who are entitled to assert appraisal rights that a corporate action became effective. The notice must be sent within 10 days
after the corporate action became effective and include the materials described in section 1323.
[
2001, c. 640, Pt. A, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]
3.Action by written consent.
If a corporate action specified in section 1302 is to be approved by written consent of the shareholders pursuant to section
704:
A. Written notice that appraisal rights are, are not or may be available must be sent to each record shareholder from whom a consent is solicited at the time consent of such shareholder is first solicited and,
if the corporation has concluded that appraisal rights are or may be available, must be accompanied by a copy of this chapter;
and [2011, c. 274, §67 (AMD).]
B. Written notice that appraisal rights are, are not or may be available must be delivered together with the notice to nonconsenting
voting and nonvoting shareholders as required by section 704, subsections 4 and 5, may include the materials described in
section 1323 and, if the corporation has concluded that appraisal rights are or may be available, must be accompanied by a
copy of this chapter. [2007, c. 289, §33 (NEW).]
[
2011, c. 274, §67 (AMD)
.]
SECTION HISTORY
2001, c. 640, §A2 (NEW).
2001, c. 640, §B7 (AFF).
2007, c. 289, §33 (AMD).
2011, c. 274, §67 (AMD).
Data for this page extracted on 10/16/2012 08:26:51.