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2012 Maine Revised Statutes
TITLE 13: CORPORATIONS
Chapter 22-A: MAINE PROFESSIONAL SERVICE CORPORATION ACT
13 §742. Share transfer restriction


13 ME Rev Stat § 742 (2012 through 125th Legis) What's This?

Part 1: CORPORATIONS GENERALLY

Subchapter 3: SHARES HEADING: PL 2001, C. 640, PT. B, §2 (NEW); §7 (AFF); EFF. 7/1/03

§742. Share transfer restriction

1. Limit to transfers. A shareholder of a professional corporation may transfer or pledge shares, fractional shares and rights or options to purchase shares of the corporation only to qualified persons.

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

2. Other transfers void. A transfer of shares made in violation of subsection 1, except one made by operation of law or court judgment, is void.

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

SECTION HISTORY

2001, c. 640, §B2 (NEW). 2001, c. 640, §B7 (AFF).

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