Sec. B-57. 13-C MRSA §625, as enacted by PL 2001, c. 640, Pt. A, §2 and affected by Pt. B, §7, is repealed and the following enacted in its place:

§625. Share options

1.__Board authority to issue options.__A corporation may issue rights, options or warrants for the purchase of shares or other securities of the corporation.__The corporation's board of directors shall determine:

A.__The terms upon which the rights, options or warrants are issued; and

B.__The terms including the consideration for which the shares or other securities are issued.

The authorization by the board of directors for the corporation to issue these rights, options or warrants constitutes authorization of the issuance of the shares or other securities for which the rights, options or warrants are exercisable.

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.