Maine § 13-C §603 Issued and outstanding shares

Maine Statutes

§ 13-C §603 — Issued and outstanding shares

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 6 SHARES AND DISTRIBUTIONS

1.Issue number of shares authorized. A corporation may issue the number of shares of each class or series authorized by its articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted or cancelled.

2.Limitations on reacquisition, redemption or conversion. The reacquisition, redemption or conversion of outstanding shares is subject to the limitations of subsection 3 and to section 651.

3.Requirement. At all times that shares of the corporation are outstanding, there must be outstanding:

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1.
Issue number of shares authorized.
A corporation may issue the number of shares of each class or series authorized by its articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted or cancelled.
2.
Limitations on reacquisition, redemption or conversion.
The reacquisition, redemption or conversion of outstanding shares is subject to the limitations of subsection 3 and to section 651.
3.
Requirement.
At all times that shares of the corporation are outstanding, there must be outstanding:

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