| | Sec. 21. 31 MRSA §608, sub-§3, ¶¶B and C, as enacted by PL 1993, c. 718, | Pt. A, §1, are amended to read: |
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| B. Filing proper notification of change of registered agent | or registered office, or both; or |
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| C. Correcting a misrepresentation; or. |
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| | Sec. 22. 31 MRSA §608, sub-§3, ¶D, as enacted by PL 1993, c. 718, Pt. | A, §1, is repealed. |
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| | Sec. 23. 31 MRSA §647, as enacted by PL 1993, c. 718, Pt. A, §1, is | repealed. |
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| | Sec. 24. 31 MRSA §695 is enacted to read: |
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| §695.__Rights of former member |
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| | 1.__No payment for interest.__Unless the operating agreement | or articles of organization provide otherwise, if the limited | liability company is not dissolved after a person ceases to be a | member under section 692, the person has no right to any payment | from the limited liability company for that person's interest in | the limited liability company. |
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| | 2.__Payment for interest.__Unless the operating agreement or | articles of organization provide otherwise, if the limited | liability company is not dissolved after a person ceases to be a | member under section 692, and if the limited liability company | elects to pay to that person or that person's successor in | interest for that person's interest in the limited liability | company in complete liquidation of the interest. |
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| A.__The price must be the fair value of that person's | interest in the limited liability company as of the date the | person ceased to be a member, based upon the person's right | to share in distributions from the limited liability | company. |
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| B.__The amount must be paid within a reasonable time after | the person has ceased to be a member. |
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| | Sec. 25. 31 MRSA §741, as enacted by PL 1993, c. 718, Pt. A, §1, is | repealed. |
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| | Sec. 26. 31 MRSA §741-A is enacted to read: |
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| §741-A. Merger or consolidation |
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| | 1.__Definitions.__"Other business entity" or "other business | entities" for purposes of this section means any domestic or |
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