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MAINE STATUTES AND CODES
13 §742. Share transfer restriction
Title 13: CORPORATIONS
Part 1: CORPORATIONS GENERALLY
Chapter 22-A: MAINE PROFESSIONAL SERVICE CORPORATION ACT HEADING: PL 2001, C. 640, PT. B, §2 (NEW); § 7 (AFF); EFF. 7/1/03
Subchapter 3: SHARES HEADING: PL 2001, C. 640, PT. B, §2 (NEW); §7 (AFF); EFF. 7/1/03
§742. Share transfer restriction
1. Limit to transfers. A shareholder of a professional corporation may transfer or pledge shares, fractional shares and rights or options to purchase shares of the corporation only to qualified persons.
[ 2001, c. 640, Pt. B, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF) .]
2. Other transfers void. A transfer of shares made in violation of subsection 1, except one made by operation of law or court judgment, is void.
[ 2001, c. 640, Pt. B, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF) .]
SECTION HISTORY
2001, c. 640, §B2 (NEW). 2001, c. 640, §B7 (AFF).