LD 1539
pg. 50
Page 49 of 101 An Act To Amend the Laws Relating to Corporations, Limited Partnerships, Limite... Page 51 of 101
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LR 1942
Item 1

 
This section does not limit the power of a domestic
corporation to acquire shares of another corporation or eligible
interests in an other eligible entity in a transaction other than
a share exchange.

 
Sec. B-93. 13-C MRSA §1104, sub-§4, as enacted by PL 2001, c. 640, Pt.
A, §2 and affected by Pt. B, §7, is amended to read:

 
4. Notice of meeting. If the plan of merger or share
exchange under this chapter is required by the corporation's
articles of incorporation to be approved by the shareholders and
if the approval is to be given at a meeting of shareholders, the
corporation shall notify each shareholder, whether or not
entitled to vote, of the meeting of shareholders at which the
plan is to be submitted for approval. The notice must state that
the purpose or one of the purposes of the meeting is to consider
the plan and must contain or be accompanied by a copy or summary
of the plan. If the corporation is to be merged into an existing
corporation or other eligible entity, the notice also must
include or be accompanied by a copy or summary of the articles of
incorporation or organizational documents of that corporation or
other eligible entity. If the corporation is to be merged into a
corporation or other eligible entity that is to be created
pursuant to the merger, the notice also must include or be
accompanied by a copy or a summary of the articles of
incorporation or organizational documents of the new corporation
or other eligible entity;

 
Sec. B-94. 13-C MRSA §1104, sub-§6, ķA, as enacted by PL 2001, c. 640,
Pt. A, §2 and affected by Pt. B, §7, is amended to read:

 
A. On a plan of merger by each class or series of shares
that:

 
(1) Are to be converted under the plan of merger into
shares or other securities, eligible interests,
obligations, rights to acquire shares or, other
securities or eligible interests, cash or other
property or any combination thereof; or

 
(2) Would be entitled to vote as a separate group on a
provision in the plan that, if contained in a proposed
amendment to articles of incorporation, would require
action by separate voting groups under section 1004;

 
Sec. B-95. 13-C MRSA §1104, sub-§10, as enacted by PL 2001, c. 640,
Pt. A, §2 and affected by Pt. B, §7, is amended to read:


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