§ 13-C §628 — Restriction on transfer of shares and other securities

Maine § 13-C §628

• Jurisdiction: Maine
• Title 13-C: MAINE BUSINESS CORPORATION ACT
• Ch. 6: SHARES AND DISTRIBUTIONS

Text

1.
Share includes.
For purposes of this section, "share" includes a security convertible into or carrying a right to subscribe for or acquire shares.
2.
Imposition of restrictions.
A corporation's articles of incorporation or bylaws, an agreement among shareholders or an agreement between shareholders and the corporation may impose restrictions on the transfer or registration of transfer of shares of the corporation. A restriction does not affect shares issued before the restriction was adopted unless the holders of the shares are parties to the restriction agreement or voted in favor of the restriction.
3.
Existence of restriction must be made known.
A restriction on the transfer or registration of transfer of shares is valid and enforceable against the holder or a transferee of the holder if the restriction is authorized by this section and its existence is noted conspicuously on the front or back of the certificate or is contained in the information statement required by section 627, subsection 2. Unless so noted, a restriction is not enforceable against a person who has no knowledge of the restriction.
4.
Purpose of restriction.
A restriction on the transfer or registration of transfer of shares is authorized:
5.
Authorized restrictions.
A restriction on the transfer or registration of transfer of shares may:

Legislative History

PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF).