Maine Statutes
§ 13 §747 — Cancellation of disqualified shares
Maine·Title 13 CORPORATIONS·Part 1 CORPORATIONS GENERALLY·Ch. 22-A MAINE PROFESSIONAL SERVICE CORPORATION ACT
If the shares of a disqualified person are not acquired pursuant to section 743 within 10 months after the death of the shareholder or within 5 months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified person has no further interest as a shareholder in the corporation other than the right to payment for the shares under section 743.
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Legislative History
PL 2001, c. 640, §B2 (NEW). PL 2001, c. 640, §B7 (AFF).
Nearby Sections
15
§ 13 §701
Short title§ 13 §702
Intent§ 13 §703
Definitions§ 13 §704
Exemptions§ 13 §705
Corporate organization§ 13 §706
Method of organization§ 13 §707
Limitation§ 13 §708
Interpretation; liability§ 13 §708-A
Interpretation; liability§ 13 §709
Business transactions§ 13 §71
Purposes§ 13 §710
Capital stock§ 13 §711
Disqualifications§ 13 §712
Alienation of shares§ 13 §713
Corporate and assumed names