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authorization of the issuance of the shares or other securities for | which the rights, options or warrants are exercisable. |
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| | 2.__Limitations based on holdings.__The terms and conditions | of these rights, options or warrants, including those outstanding | on the effective date of this section, may include, without | limitation, restrictions or conditions that: |
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| A.__Preclude or limit the exercise, transfer or receipt of | these rights, options or warrants by any person or persons | owning or offering to acquire a specified number or | percentage of the outstanding shares or other securities of | the corporation or by any transferee of the person; or |
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| B.__Invalidate or void these rights, options or warrants | held by the person or the transferee. |
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| | Sec. B-58. 13-C MRSA §641, sub-§4 is enacted to read: |
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| | 4.__Preemptive rights.__Nothing in this section detracts from | or takes away the preemptive rights that pertained to any shares | of a corporation that were issued and outstanding on June 30, | 2003.__The rights may be altered by an amendment adopted pursuant | to chapter 10. |
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| | Sec. B-59. 13-C MRSA §703, sub-§1, ¶B, as enacted by PL 2001, c. 640, | Pt. A, §2 and affected by Pt. B, §7, is amended to read: |
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| B. On application of a shareholder who signed a demand for | a special meeting valid under section 702 if: |
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| (1) Notice of the special meeting was not given within | 30 days after the date the demand was delivered to the | corporation's secretary corporation clerk; or |
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| (2) The special meeting was not held in accordance | with the notice required by section 705, subsection 3. |
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| | Sec. B-60. 13-C MRSA §723, sub-§5, as enacted by PL 2001, c. 640, Pt. | A, §2 and affected by Pt. B, §7, is amended to read: |
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| | 5. Death or incapacity of shareholder. The death or | incapacity of a shareholder who appointed a proxy does not affect | the right of a corporation to accept the proxy's authority unless | notice of the death or incapacity is received by the secretary | clerk or other an officer or agent authorized to tabulate votes | before the proxy exercises the proxy's authority under the | appointment. |
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