| The bill proposes to amend the State's business corporation |
| act by revising the current version of the Model Business |
| Corporation Act, promulgated by the Committee on Corporate Laws |
| of the Business Law Section of the American Bar Association, to |
| conform it to existing Maine practices and procedures where |
| applicable. The model act establishes a comprehensive and |
| coherent structure for the incorporation, operation and internal |
| governance of corporations and reflects the most current and |
| considered thinking on those subjects. The State's business |
| corporation act was adopted in 1971, has only been amended |
| sporadically since then and is outdated. The model act will form |
| the basis for updating the State's corporate laws. The model act |
| is currently being reviewed and revised by the Corporate Law |
| Revision Committee of the Business Law Section of the Maine Bar |
| Association, together with representatives of the office of the |
| Secretary of State. |
