LD 1517
pg. 9
Page 8 of 13 An Act To Make Necessary Technical Changes Relating to the Maine Business Corpo... Page 10 of 13
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LR 93
Item 1

 
L.__An action by a shareholder in the right of the company
is not abated or barred by the fact that the shareholder has
filed a demand for payment of the fair value of shares
pursuant to this subsection.

 
Sec. 18. 24-A MRSA §3486, sub-§§11, 12 and 14, as enacted by PL 1977, c.
377, are amended to read:

 
11. If no action to determine the fair value of the shares of
the dissenting shareholder is commenced within the time specified
in Title 13-A, section 909, subsection 9, subsection 10-A,
paragraph C, then the dissenting shareholder shall receive the
consideration which that was specified as payment in exchange for
his that shareholder's shares pursuant to the plan. Such The
consideration shall must be paid by the company within 60 days
after the time within which an action can be commenced as
specified in Title 13-A, section 909, subsection 9, subsection
10-A, paragraph C. Upon payment of such the consideration, the
dissenting shareholder shall cease ceases to have any an interest
in such the shares.

 
12. If the court determines pursuant to Title 13-A, section
909, subsection 9 subsection 10-A, paragraph E that a shareholder
is not entitled to receive payment of the fair value of his that
shareholder's shares because of his that shareholder's failure to
satisfy the requirements of Title 13-A, section 909 and of this
section, then the shareholder shall must receive the
consideration which that was specified as payment in exchange for
his that shareholder's shares pursuant to the plan. Such The
payment shall may not include the allowance for interest
specified in Title 13-A, section 909, subsection 9 subsection 10-
A, paragraph G.

 
14. The provisions of Title 13-A, section 525, regarding
unclaimed dividends and other distributions to shareholders shall
apply Title 33, chapter 41 applies to any unclaimed payment to
which a shareholder may be entitled under this section.

 
Sec. 19. 31 MRSA §282, sub-§5-A, as enacted by PL 1995, c. 633, Pt. A,
§1, is amended to read:

 
5-A. Professional limited liability partnership.
"Professional limited liability partnership" means a registered
limited liability partnership that, by virtue of the business
conducted by it, would be subject to the required to incorporate
under the Maine Professional Service Corporation Act if that
partnership were a corporation.

 
Sec. 20. 31 MRSA §418, as enacted by PL 1999, c. 638, §13, is
amended to read:


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