2012 Maine Revised Statutes
TITLE 13: CORPORATIONS
Chapter 87: FISH MARKETING ASSOCIATIONS
13 §2197. Preferred; issuance in payment for purchases by association
Part 2: CORPORATIONS WITHOUT CAPITAL
Subchapter 5: STOCK
§2197. Preferred; issuance in payment for purchases by association
Whenever an association, organized with preferred shares of stock, purchases the stock or any property or any interest in any property of any person, it may discharge the obligations so incurred wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount which at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case the transfer to the association of the stock or interest purchased shall be equivalent to payment in cash for the shares of stock issued.
Disclaimer: These codes may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
