Maine § 13 §2197 Preferred; issuance in payment for purchases by association

Maine Statutes

§ 13 §2197 — Preferred; issuance in payment for purchases by association

Maine § 13 §2197

Title 13CORPORATIONS

Part 2CORPORATIONS WITHOUT CAPITAL

Ch. 87FISH MARKETING ASSOCIATIONS

This text of Maine § 13 §2197 (Preferred; issuance in payment for purchases by association) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13, § 13 §2197 (2026).

Text

Whenever an association, organized with preferred shares of stock, purchases the stock or any property or any interest in any property of any person, it may discharge the obligations so incurred wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount which at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case the transfer to the association of the stock or interest purchased shall be equivalent to payment in cash for the shares of stock issued.

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Whenever an association, organized with preferred shares of stock, purchases the stock or any property or any interest in any property of any person, it may discharge the obligations so incurred wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount which at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case the transfer to the association of the stock or interest purchased shall be equivalent to payment in cash for the shares of stock issued.