7. Corporate law; exemptions. An order of the commission directing or approving divestiture renders an electric utility and its directors, officers and shareholders exempt from Title 13-A 13-C, sections 514, 517, 624 and 720 section 651 and from the Uniform Fraudulent Transfer Act, Title 14, chapter 504 for the matters addressed by the order. A divestiture pursuant to a commission order directing or approving the divestiture does not constitute a sale of all or substantially all of the assets of a corporation within the meaning of Title 13-A, chapter 10 is not subject to limitations contained in the corporation's articles of incorporation and, notwithstanding Title 13-C, chapter 12, does not require shareholder approval.

Sec. 27. 35-A MRSA §4502, sub-§1, as enacted by PL 1987, c. 141, Pt. A, §6, is amended to read:

1. Organization of corporations to construct pipelines. Corporations for the purpose of constructing and operating natural gas pipelines may be organized under Title 13-A 13-C. Following organization under former Title 13-A or Title 13-C, the corporation has all the other rights, privileges and immunities of a legal corporation organized under Title 13-A 13-C, except as they are inconsistent with this chapter.

Sec. 28. 36 MRSA §4641-C, sub-§7, as amended by PL 1999, c. 638, §44, is further amended to read:

7. Deeds pursuant to mergers or consolidations. Deeds made pursuant to mergers or consolidations of business entities, as defined in Title 13-A, section 912 carried out pursuant to Title 13-C, chapter 11, from which no gain or loss is recognized under the Internal Revenue Code;

Sec. 29. 39-A MRSA §102, sub-§11, ķA, as amended by PL 2001, c. 710, §18 and affected by §19, is amended by amending subparagraph (4) to read:

(4) Except for persons engaged in harvesting of forest products, any person who, in a written statement to the board, waives all the benefits and privileges provided by the workers' compensation laws, provided that the board has found that person to be a bona fide owner of at least 20% of the outstanding voting stock of the corporation by which that person is employed or a shareholder of the professional corporation by which that person is employed and that this waiver was not a prerequisite condition to employment. For the purposes