Me. Stat. tit. 13-C § 642

Current through 131st (2023-2024) Legislature Chapter 684

Section 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.

[2001, c. 640, Pt. A, §2(NEW); 2001, c. 640, Pt. B, §7(AFF).]

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.

[2001, c. 640, Pt. A, §2(NEW); 2001, c. 640, Pt. B, §7(AFF).]

13-C M.R.S. § 642

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