Maine § 13-B §1001 Sale of assets other than in regular course of activities

Maine Statutes

§ 13-B §1001 — Sale of assets other than in regular course of activities

Maine·Title 13-B MAINE NONPROFIT CORPORATION ACT·Ch. 10 SALE AND OTHER DISPOSITIONS OF CORPORATE ASSETS

1.Terms and conditions. Sale, lease, exchange, mortgage, pledge or other disposition of all, or substantially all, the property and assets of a corporation may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares of any corporation for profit, domestic or foreign, as may be authorized in the following manner.

2.Provision prescribing for approval of sale. The articles of incorporation of any corporation may contain a provision prescribing for approval of any sale of assets a vote greater than, but in no event less than, that prescribed by subsection 1.

3.Compliance with conversion law. If the proposed transaction constitutes a conversion transaction, as defined in Title 5, section

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Terms and conditions.
Sale, lease, exchange, mortgage, pledge or other disposition of all, or substantially all, the property and assets of a corporation may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares of any corporation for profit, domestic or foreign, as may be authorized in the following manner.
2.
Provision prescribing for approval of sale.
The articles of incorporation of any corporation may contain a provision prescribing for approval of any sale of assets a vote greater than, but in no event less than, that prescribed by subsection 1.
3.
Compliance with conversion law.
If the proposed transaction constitutes a conversion transaction, as defined in Title 5, section 194‑B, subsection 2, a public benefit corporation must comply with the provision of Title 5, sections 194‑C to 194‑H.

Maine § 13-B §1001 (Sale of assets other than in regular course of activities) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.