Sec. B-27. 13-B MRSA §1401, sub-§30, as amended by PL 1991, c. 780, Pt. U, §21, is repealed.

Sec. B-28. 13-C MRSA §101, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

§101. Short title

This Act Title may be known and cited as the "Maine Business Corporation Act."

Sec. B-29. 13-C MRSA §102, sub-§2-A is enacted to read:

2-A.__Close corporation.__"Close corporation" means a corporation that, at any given time, has not more than 20 shareholders of all classes of shares, whether or not the shareholders are entitled to vote.__For purposes of determining whether a corporation is a close corporation, 2 or more persons owning shares of record in their names as joint tenants are counted as a single shareholder.

Sec. B-30. 13-C MRSA §102, sub-§§18 and 19, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, are amended to read:

18. Individual. "Individual" means a natural person. "Individual" includes the estate of an incompetent or deceased individual.

19. Interest. "Interests in an unincorporated entity Interest" means either or both of the following rights under the organic law of an unincorporated entity:

A. A right to receive distributions from an unincorporated the entity either in the ordinary course or upon liquidation, including as an assignee; or and

B. A right to receive notice or vote on issues involving the internal affairs of an unincorporated entity, other than as an agent, assignee, proxy or person responsible for managing the business and affairs of the unincorporated entity.

Sec. B-31. 13-C MRSA §102, sub-§19-A is enacted to read: