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owner liability preserved by paragraph A, as if the merger or | share exchange had not occurred. |
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| §1108. Abandonment of merger or share exchange |
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| | 1. Abandoned merger or share exchange prior to becoming | effective. Unless otherwise provided in a plan of merger or | share exchange or in the laws under which a foreign business | corporation or a domestic or foreign other eligible entity that | is a party to a merger or a share exchange is organized or by | which it is governed, after the plan has been adopted and | approved as required by this chapter, and at any time before the | merger or share exchange has become effective, the merger or | share exchange may be abandoned by any a domestic business | corporation that is a party to the merger or share exchange | without action by the party's shareholders or owners of | interests, in accordance with any procedures set forth in the | plan of merger or share exchange or, if procedures are not set | forth in the plan, in the manner determined by the corporation's | board of directors or the managers of an other entity, subject to | any contractual rights of other parties to the merger or share | exchange. |
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| | 2. Abandoned merger or share exchange after articles of | merger or share exchange are filed. If a merger or share | exchange is abandoned under subsection 1 after articles of merger | or share exchange have been filed with the Secretary of State | under section 1106, subsection 2 but before the merger or share | exchange has become effective, a statement that the merger or | share exchange has been abandoned in accordance with this | section, executed on behalf of a party to the merger or share | exchange by an officer or other duly authorized representative, | must be delivered to the Secretary of State for filing prior to | the effective date of the merger or share exchange. The | statement must also include the names, types of entity and the | jurisdictions of the parties to the merger or share exchange. | Upon filing, the statement takes effect and the merger or share | exchange is considered abandoned and does not become effective. |
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| | Sec. B-99. 13-C MRSA §1109, sub-§1, ķE, as enacted by PL 2001, c. 640, | Pt. A, §2 and affected by Pt. B, §7, is amended to read: |
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| E. "Business combination," when used in reference to any | domestic corporation and any interested shareholder of that | domestic corporation, means: |
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| (1) Any merger or consolidation share exchange of that domestic | corporation or any subsidiary of that domestic corporation with | that interested shareholder, any other |
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