LD 1517
pg. 6
Page 5 of 13 An Act To Make Necessary Technical Changes Relating to the Maine Business Corpo... Page 7 of 13
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LR 93
Item 1

 
Sec. 17. 24-A MRSA §3486, sub-§10-A is enacted to read:

 
10-A.__If, within the additional 20-day period prescribed by
subsection 9, one or more dissenting shareholders and the company
have failed to agree as to the fair value of the shares, then the
following applies.

 
A.__The company adopting the plan under subsection 2 may, or
shall, if it receives a demand as provided in subparagraph
(1), bring an action in the Superior Court in the county in
this State where the registered office of the company is
located asking the court to determine the fair value of the
shares.__If the parent corporation that adopted the plan is
neither a domestic corporation nor an authorized insurer,
the action may be brought in the county where the registered
office of the domestic stock insurance company is located.
The company that adopted the plan pursuant to subsection 2:

 
(1)__Must bring an action within 30 days after receipt
of a demand for suit from any dissenting shareholder,
if the demand is made within 60 days after the date on
which the company adopted the plan pursuant to
subsection 2; or

 
(2)__In the absence of a demand for suit, may bring the
action at any time from the expiration of the
additional 20-day period prescribed by subsection 9
until the expiration of 60 days after the date on which
the company adopted the plan pursuant to subsection 2.

 
B.__If the company does not institute an action within the
period specified in paragraph A, a dissenting shareholder
may thereafter bring such an action in the name of the
company.

 
C.__No action may be brought, either by the company or by a
dissenting shareholder, more than 6 months after the date on
which the plan or a summary of the plan was delivered as
provided in subsection 4.

 
D.__In any such action, whether initiated by the company or by a
dissenting shareholder, all dissenting shareholders, wherever
residing, except those who have agreed with the company upon the
price to be paid for their shares, must be made parties to the
proceeding as an action against their shares quasi in rem.__A
copy of the complaint must be served on each dissenting
shareholder who is a resident of this State as in other civil
actions, and must be served by registered or certified mail, or
by personal service outside


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