LD 1210
pg. 2
Page 1 of 6 An Act To Amend the Laws Relating to Corporations, Limited Partnerships, Limite... Page 3 of 6
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LR 597
Item 1

 
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 Subsequent to any approval of the plan by shareholders
of a domestic corporation that is a party to the merger, the plan
may not without further shareholder approval be amended to:

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

 
B. Change the articles of incorporation or the organic
documents of any eligible entity that will survive or be
created as a result of the merger, except for changes
permitted by section 1005 or by comparable provisions of the
organic laws of any such foreign corporation or domestic or
foreign eligible entity; or

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

 
Sec. 4. 13-C MRSA §1303, sub-§2, ķA, as enacted by PL 2001, c. 640, Pt.
A, §2 and affected by Pt. B, §7, is amended to read:

 
A. The record date fixed to determine the shareholders
entitled to receive notice of and to vote at the meeting of
shareholders to act upon a corporate action requiring
appraisal rights pursuant to section 1302 to 1305; or

 
Sec. 5. 13-C MRSA §1303, sub-§3, as enacted by PL 2001, c. 640, Pt. A,
§2 and affected by Pt. B, §7, is amended to read:

 
3. Exception. Notwithstanding subsection 1, appraisal rights
are available pursuant to section 1302 to 1305 for the holders of
any class or series of shares:

 
A. Who are required by the terms of a corporate action
requiring appraisal rights pursuant to sections 1302 to 1305
to accept for such shares anything other than cash or shares
of any class or any series of shares of any corporation, or
any other proprietary interest of any other entity, that
satisfies the standards set forth in subsection 1 at the
time the corporate action becomes effective;

 
B. When any of the shares or assets of a corporation are being
acquired or converted, whether by merger, share exchange or
otherwise, pursuant to a corporate action


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