Maine § 13-C §1201 Disposition of assets not requiring shareholder approval

Maine Statutes

§ 13-C §1201 — Disposition of assets not requiring shareholder approval

Maine § 13-C §1201

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 12DISPOSITION OF ASSETS

This text of Maine § 13-C §1201 (Disposition of assets not requiring shareholder approval) 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-C, § 13-C §1201 (2026).

Text

Approval of the shareholders of a corporation is not required, unless the articles of incorporation otherwise provide, to:

1.Usual and regular course of business. Sell, lease, exchange or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;

2.Grants of security, etc. Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;

3.Transfers to subsidiaries. Transfer any or all of the corporation's assets to one or more corporations or other entities, all of the shares or interests of which are owned by the corporation; or

4.Distribute assets to shareholders. Distribute assets pro rat

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

Approval of the shareholders of a corporation is not required, unless the articles of incorporation otherwise provide, to:
1.
Usual and regular course of business.
Sell, lease, exchange or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;
2.
Grants of security, etc.
Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;
3.
Transfers to subsidiaries.
Transfer any or all of the corporation's assets to one or more corporations or other entities, all of the shares or interests of which are owned by the corporation; or
4.
Distribute assets to shareholders.
Distribute assets pro rata to the holders of one or more classes or series of the corporation's shares.