STATE STATUTES & CODES
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MAINE STATUTES AND CODES
13 §747. Cancellation of disqualified shares
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
§747. Cancellation of disqualified shares
If the shares of a disqualified person are not acquired pursuant to section 743 within 10 months after the death of the shareholder or within 5 months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified person has no further interest as a shareholder in the corporation other than the right to payment for the shares under section 743. [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).