Sec. 2. 13-A MRSA §603, sub-§5 is enacted to read:

5.__Special meetings of the shareholders of a corporation with a class of voting stock registered under the Securities Exchange Act of 1934, as amended, may be called in accordance with subsection 4 except that, notwithstanding subsection 4, paragraph D, any special meeting expressly called for the purpose of removing one or more members of the board of directors within 90 days following the meeting of shareholders of the corporation at which a director or directors last stood for election may be called by the holders of not less than 50% of the shares entitled to vote at the meeting.

Sec. 3. Retroactivity. This Act applies retroactively to April 1, 2000.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill amends the Maine Business Corporation Act to provide that special meetings of shareholders of publicly traded companies called for the purpose of removing any member of the board of directors within 90 days following the meeting at which a director was last elected may be called by any of the persons listed in the Maine Revised Statutes, Title 13-A, section 603, subsection 4, paragraph A, B, C or E, or by the holders of at least 50% of the shares entitled to vote at the meeting.