Title 13-C: MAINE BUSINESS CORPORATION ACT HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
Chapter 6: SHARES AND DISTRIBUTIONS HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
Subchapter 3: SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)
§642. Corporation's acquisition of its own shares
1.Acquisition.
A corporation may acquire its own shares. Shares so acquired constitute authorized but unissued shares.
[
2001, c. 640, Pt. A, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]
2.Prohibition on reissuance.
If a corporation's articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares
is reduced by the number of shares acquired.
[
2001, c. 640, Pt. A, §2 (NEW);
2001, c. 640, Pt. B, §7 (AFF)
.]
SECTION HISTORY
2001, c. 640, §A2 (NEW).
2001, c. 640, §B7 (AFF).
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