Maine § 13-C §603 Issued and outstanding shares

Maine Statutes

§ 13-C §603 — Issued and outstanding shares

Maine § 13-C §603

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 6SHARES AND DISTRIBUTIONS

This text of Maine § 13-C §603 (Issued and outstanding shares) 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 §603 (2026).

Text

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: