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2012 Maine Revised Statutes
TITLE 13: CORPORATIONS
Chapter 22-A: MAINE PROFESSIONAL SERVICE CORPORATION ACT
13 §747. Cancellation of disqualified shares


13 ME Rev Stat § 747 (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

§747. Cancellation of disqualified shares

If the shares of a disqualified person are not acquired pursuant to section 743 within 10 months after the death of the shareholder or within 5 months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified person has no further interest as a shareholder in the corporation other than the right to payment for the shares under section 743. [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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