Maine Statutes
§ 13-C §642 — Corporation's acquisition of its own shares
1.Acquisition.
A corporation may acquire its own shares. Shares so acquired constitute authorized but unissued shares.
2.Prohibition on reissuance.
If a corporation's articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.
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Legislative History
PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF).
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