| | 1. Abandonment of domestication by domestic business | corporation. Unless otherwise provided in a plan of | domestication of a domestic business corporation, after the plan | has been adopted and approved as required by this subchapter and | at any time before the domestication has become effective, it may | be abandoned by the corporation's board of directors without | action by the shareholders. |
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| If a domestication is abandoned under this subsection after | articles of charter surrender have been filed with the Secretary | of State but before the domestication has become effective, a | statement that the domestication has been abandoned in accordance | with this section, executed by an officer or other duly | authorized representative or of the corporation, must be | delivered to the Secretary of State for filing prior to the | effective date of the domestication. The statement takes effect | upon filing, and the domestication is considered abandoned and | does not become effective. |
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| | Sec. B-75. 13-C MRSA §931, 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. Transitional rule. If any debt security, note or similar | evidence of indebtedness for money borrowed, whether secured or | unsecured, or a contract of any kind issued, incurred or executed | by a domestic business corporation before July 1, 2003 contains a | provision applying to a merger of the domestic business | corporation and the document does not refer to a nonprofit | conversion of the domestic business corporation, the provision is | deemed to apply to a nonprofit conversion of the domestic | business corporation until such time after that date as the | provision is amended. |
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| | Sec. B-76. 13-C MRSA §931, sub-§6 is enacted to read: |
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| | 6.__Extrinsic facts.__Terms of a plan of nonprofit conversion | may be made dependent upon facts objectively ascertainable | outside the plan in accordance with section 121, subsection 10. |
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| | Sec. B-77. 13-C MRSA §932, sub-§§5 and 7, as enacted by PL 2001, c. 640, | Pt. A, §2 and affected by Pt. B, §7, are amended to read: |
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| | 5. Majority approval. Unless the corporation's articles of | incorporation or its board of directors acting pursuant to | subsection 3 requires a greater vote, approval of the plan of | nonprofit conversion requires the approval of the shareholders by | a majority of all the votes entitled to be cast on the plan by | the shareholders and, if any class or series is entitled to vote |
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