LD 1539
pg. 100
Page 99 of 104 PUBLIC Law Chapter 344 Page 101 of 104
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LR 1942
Item 1

 
1327 is deemed to refer to the failure of the corporation to
make required payments under this section.

 
Sec. D-15. 24-A MRSA §3486, sub-§11, as enacted by PL 1977, c. 377, is
repealed.

 
Sec. D-16. 24-A MRSA §3486, sub-§§12 and 14, as enacted by PL 1977, c.
377, are amended to read:

 
12. If the court determines pursuant to Title 13-A, section
909, subsection 9, paragraph E 13-C, chapter 113, subchapter 3
that a shareholder is not entitled to receive payment of the fair
value of his the shareholder's shares because of his the
shareholder's failure to satisfy the requirements of Title 13-A,
section 909 13-C, chapter 113, subchapter 3 and of this section,
then the shareholder shall receive the consideration which that
was specified as payment in exchange for his the shareholder's
shares pursuant to the plan. Such payment shall may not include
the allowance for interest specified in Title 13-A 13-C, section
909 1331, subsection 9, paragraph G 5.

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

 
Sec. D-17. 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. D-18. 31 MRSA §418, as enacted by PL 1999, c. 638, §13, is
amended to read:

 
§418. Conversion of limited partnership

 
1. Definitions. For purposes of this section, "business
entity" means any association or legal entity organized to
conduct business, including a domestic or foreign corporation,
limited liability company, limited partnership, general
partnership, limited liability partnership, joint venture, joint
stock company and business trust.

 
2. Authority. A business entity limited partnership may
convert to another type of business entity by complying with the


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