2.__Limitations based on holdings.__The terms and conditions of these rights, options or warrants, including those outstanding on the effective date of this section, may include, without limitation, restrictions or conditions that:

A.__Preclude or limit the exercise, transfer or receipt of these rights, options or warrants by any person or persons owning or offering to acquire a specified number or percentage of the outstanding shares or other securities of the corporation or by any transferee of the person; or

B.__Invalidate or void these rights, options or warrants held by the person or the transferee.

Sec. B-58. 13-C MRSA §641, sub-§4 is enacted to read:

4.__Preemptive rights.__Nothing in this section detracts from or takes away the preemptive rights that pertained to any shares of a corporation that were issued and outstanding on June 30, 2003.__The rights may be altered by an amendment adopted pursuant to chapter 10.

Sec. B-59. 13-C MRSA §703, sub-§1, ¶B, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

B. On application of a shareholder who signed a demand for a special meeting valid under section 702 if:

(1) Notice of the special meeting was not given within 30 days after the date the demand was delivered to the corporation's secretary corporation clerk; or

(2) The special meeting was not held in accordance with the notice required by section 705, subsection 3.

Sec. B-60. 13-C MRSA §723, sub-§5, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is amended to read:

5. Death or incapacity of shareholder. The death or incapacity of a shareholder who appointed a proxy does not affect the right of a corporation to accept the proxy's authority unless notice of the death or incapacity is received by the secretary clerk or other an officer or agent authorized to tabulate votes before the proxy exercises the proxy's authority under the appointment.