Maine § 13 §741 Issuance of shares

Maine Statutes

§ 13 §741 — Issuance of shares

Maine·Title 13 CORPORATIONS·Part 1 CORPORATIONS GENERALLY·Ch. 22-A MAINE PROFESSIONAL SERVICE CORPORATION ACT

1.Qualified shareholders. A professional corporation may issue shares, fractional shares and rights or options to purchase shares only to:

2.Licensing authority jurisdiction. If a licensing authority with jurisdiction over a profession considers it necessary to prevent violation of the ethical standards of the profession, the authority may adopt rules under its general rule-making authority or other regulatory authority to restrict or condition, or revoke in part, the authority of professional corporations subject to its jurisdiction to issue shares. A rule described in this subsection does not, of itself, make a shareholder of a professional corporation at the time the rule becomes effective a disqualified person.

3.Unlawful shares void. Shares issued in violation of this section or a

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1.
Qualified shareholders.
A professional corporation may issue shares, fractional shares and rights or options to purchase shares only to:
2.
Licensing authority jurisdiction.
If a licensing authority with jurisdiction over a profession considers it necessary to prevent violation of the ethical standards of the profession, the authority may adopt rules under its general rule-making authority or other regulatory authority to restrict or condition, or revoke in part, the authority of professional corporations subject to its jurisdiction to issue shares. A rule described in this subsection does not, of itself, make a shareholder of a professional corporation at the time the rule becomes effective a disqualified person.
3.
Unlawful shares void.
Shares issued in violation of this section or a rule described in subsection 2 are void.

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