LD 1539
pg. 56
Page 55 of 101 An Act To Amend the Laws Relating to Corporations, Limited Partnerships, Limite... Page 57 of 101
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LR 1942
Item 1

 
(4) The adoption of any plan or proposal for the
liquidation or dissolution of that domestic corporation
proposed by, on behalf of or pursuant to any agreement,
arrangement or understanding, whether or not in
writing, with that interested shareholder or any
affiliate or associate of that interested shareholder;

 
(5) Any reclassification of securities, including,
without limitation, any share split, share dividend or
other distribution of shares, or any reverse share
split, or recapitalization of that domestic
corporation, or any merger or consolidation of that
domestic corporation, with any subsidiary of that
domestic corporation, or any other transaction, whether
or not with, or into, or otherwise involving that
interested shareholder, proposed by, on behalf of or
pursuant to any agreement, arrangement or
understanding, whether or not in writing, with that
interested shareholder or any affiliate or associate of
that interested shareholder, any of which has the
effect, directly or indirectly, of increasing the
proportionate share of the outstanding shares of any
class or series of voting shares or securities
convertible into voting shares of that domestic
corporation or any subsidiary of that domestic
corporation that is directly or indirectly owned by
that interested shareholder or any affiliate or
associate of that interested shareholder, except as a
result of immaterial changes due to fractional share
adjustments; or

 
(6) Any receipt by that interested shareholder or any
affiliate or associate of that interested shareholder
of the benefit, directly or indirectly, except
proportionately as a shareholder of the domestic
corporation, of any loans, advances, guarantees,
pledges or other financial assistance or any tax
credits or other tax advantages provided by or through
that domestic corporation.

 
Sec. B-100. 13-C MRSA §1202, sub-§§5 and 9, as enacted by PL 2001, c.
640, Pt. A, §2 and affected by Pt. B, §7, are amended to read:

 
5. Majority approval of disposition. Unless the articles of
incorporation or the corporation's board of directors, acting
pursuant to subsection 3, requires a greater vote, approval of a
disposition 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 as a


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