Sec. 1. 13 MRSA c. 22, as amended, is repealed.

Sec. 2. 13 MRSA c. 22-A is enacted to read:

CHAPTER 22-A

MAINE PROFESSIONAL SERVICE CORPORATION ACT

SUBCHAPTER I

GENERAL PROVISIONS

§721.__Short title

This chapter may be known and cited as the "Maine Professional Service Corporation Act."

§722.__Application of Maine Business Corporation Act

The Maine Business Corporation Act applies to professional corporations, both domestic and foreign, to the extent not inconsistent with this chapter.

§723.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Disqualified person.__"Disqualified person" means an individual or entity that for any reason is or becomes ineligible under this chapter to be issued shares by a professional corporation.

2.__Domestic professional corporation.__"Domestic professional corporation" means a professional corporation.

3.__Foreign professional corporation.__"Foreign professional corporation" means a corporation or association for profit incorporated for the purpose of rendering professional services under law other than the law of this State.

4.__Professional corporation.__"Professional corporation" means a corporation for profit, other than a foreign professional corporation, subject to the provisions of this chapter.

5.__Professional limited liability company.__"Professional limited liability company" means a limited liability company formed to perform a professional service.