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document as the new clerk or in accordance with subsection 3 and | section 121, subsection 5, paragraph A, B or C. |
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| | Sec. B-56. 13-C MRSA §§601 and 602, as enacted by PL 2001, c. 640, Pt. | A, §2 and affected by Pt. B, §7, are amended to read: |
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| | 1. Classes and number of shares authorized. A corporation's | articles of incorporation must prescribe the set forth any | classes of shares and series of shares within a class, and the | number of shares of each class or series that the corporation is | authorized to issue. If more than one class or series of shares | is authorized, the articles of incorporation must prescribe a | distinguishing designation for each class or series and must | describe, prior to the issuance of shares of a class or series, | the terms, including the preferences, rights and limitations and | relative rights of that class must be described in the articles | of incorporation or series. All Except to the extent varied as | permitted by this section, all shares of a class or series must | have terms, including preferences, rights and limitations and | relative rights that are identical with those of other shares of | the same class, except to the extent otherwise permitted by | section 602 or series. |
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| | 2. Voting rights authorized. A corporation's articles of | incorporation must authorize one or more classes or series of | shares that together have unlimited voting rights and one or more | classes or series of shares, which may be the same class or | classes or series as those with voting rights, that together are | entitled to receive the net assets of the corporation upon | dissolution. |
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| | 3. Designations, preferences, limitations and relative | rights. A corporation's articles of incorporation may authorize | one or more classes or series of shares that: |
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| A. Have special, conditional or limited voting rights or no | right to vote, except to the extent prohibited otherwise | provided by this Act; |
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| B. Are redeemable or convertible as specified in the | articles of incorporation: |
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| (1) At the option of the corporation, the shareholder | or another person or upon the occurrence of a | designated specified event; |
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| (2) For cash, indebtedness, securities or other | property; or and |
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