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2010 Maine Code
TITLE 13-C: MAINE BUSINESS CORPORATION ACT
Chapter 13: APPRAISAL RIGHTS
13-C §1305. Challenge by shareholder


13-C ME Rev Stat § 1305 (2010 through 124th Legis) What's This?

Subchapter 1: APPRAISAL RIGHTS AND PAYMENT FOR SHARES HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)

§1305. Challenge by shareholder

A shareholder entitled to appraisal rights under this subchapter may not challenge a completed corporate action described in section 1302, other than those described in section 1303, subsection 3, unless the corporate action: [2003, c. 344, Pt. B, §107 (AMD).]

1. Not authorized. Was not effectuated in accordance with the applicable provisions of chapter 9, 10, 11 or 12 or the corporation's articles of incorporation, bylaws or board of directors' resolution authorizing the corporate action; or

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

2. Fraud; misrepresentation. Was procured as a result of fraud or material misrepresentation.

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

SECTION HISTORY

2001, c. 640, §A2 (NEW). 2001, c. 640, §B7 (AFF). 2003, c. 344, §B107 (AMD).

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