Maine § 13-C §624 Share dividends

Maine Statutes

§ 13-C §624 — Share dividends

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

1.Pro rata shares. Unless a corporation's articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation's shareholders or to the shareholders of one or more classes or series of shares. An issuance of shares under this subsection is a share dividend.

2.Shares of different classes. Shares of one class or series may not be issued as a share dividend in respect of shares of another class or series unless:

3.Record date. If a corporation's board of directors does not fix the record date for determining shareholders entitled to a share dividend, the record date is the date the board of directors authorizes the share dividend.

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1.
Pro rata shares.
Unless a corporation's articles of incorporation provide otherwise, shares may be issued pro rata and without consideration to the corporation's shareholders or to the shareholders of one or more classes or series of shares. An issuance of shares under this subsection is a share dividend.
2.
Shares of different classes.
Shares of one class or series may not be issued as a share dividend in respect of shares of another class or series unless:
3.
Record date.
If a corporation's board of directors does not fix the record date for determining shareholders entitled to a share dividend, the record date is the date the board of directors authorizes the share dividend.

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