LD 1539
pg. 51
Page 50 of 104 PUBLIC Law Chapter 344 Page 52 of 104
Download Chapter Text
LR 1942
Item 1

 
5. Extrinsic facts. The provisions Terms of the a plan of share
exchange referred to in subsection 4, paragraphs B and C may be
made dependent on facts objectively ascertainable outside the plan
of share exchange, as long as those facts are objectively
ascertainable. For purposes of this subsection, "facts" includes,
but is not limited to, the occurrence of any event, including a
determination or action by any person or body, including the
corporation. in accordance with section 121, subsection 10.

 
6. Amend plan prior to filing articles of share exchange.
The plan of share exchange also may include a provision that the
plan may be amended prior to filing the articles of share
exchange with the Secretary of State under section 1106,
subsection 2. If the shareholders of a domestic corporation that
is a party to the share exchange are required or permitted to
vote on the plan, the plan must provide that subsequent to
approval of the plan by the shareholders the plan may not be
amended to:

 
A. Change the amount or kind of shares or other securities,
eligible interests, obligations, rights to acquire shares
or, other securities, or eligible interests, cash or other
property to be issued by the corporation or to be received
under the plan by the shareholders of or owners holders of
eligible interests in any party to the share exchange; or

 
B. Change any of the terms or conditions of the plan if the
change would adversely affect the shareholders in any
material respect.

 
This section does not limit the power of a domestic
corporation to acquire shares of another corporation or eligible
interests in an other eligible entity in a transaction other than
a share exchange.

 
Sec. B-98. 13-C MRSA §1104, sub-§4, as enacted by PL 2001, c. 640, Pt.
A, §2 and affected by Pt. B, §7, is amended to read:

 
4. Notice of meeting. If the plan of merger or share
exchange under this chapter is required by the corporation's
articles of incorporation to be approved by the shareholders and
if the approval is to be given at a meeting of shareholders, the
corporation shall notify each shareholder, whether or not
entitled to vote, of the meeting of shareholders at which the
plan is to be submitted for approval. The notice must state that
the purpose or one of the purposes of the meeting is to consider
the plan and must contain or be accompanied by a copy or summary
of the plan. If the corporation is to be merged into an existing


Page 50 of 104 Top of Page Page 52 of 104
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer