Maine Legislature Maine Revised Statutes
  • Session Law
  • Statutes
  • Maine State Constitution
  • Information
  • §1322-A PDF
  • §1322-A MS-Word
  • Statute Search
  • Ch. 13 Contents
  • Title 13-C Contents
  • List of Titles
  • Maine Law & Disclaimer
  • Revisor's Office
  • Maine Legislature
§1322
Title 13-C: MAINE BUSINESS CORPORATION ACT
Chapter 13: APPRAISAL RIGHTS
Subchapter 2: PROCEDURE FOR EXERCISE OF APPRAISAL RIGHTS
§1323

§1322-A. Notice of intent to demand payment

1.  Preservation of appraisal rights if action taken at a meeting.  If a proposed corporate action requiring appraisal rights under sections 1302 to 1304 is submitted to a vote at a shareholders' meeting, a shareholder who wishes to assert appraisal rights with respect to any class or series of shares:  
A. Shall deliver to the corporation before the vote is taken written notice of the shareholder's intent to demand payment if the proposed action is effectuated; and   [PL 2007, c. 289, §35 (NEW).]
B. May not vote, or cause or permit to be voted, any shares of the class or series in favor of the proposed action.   [PL 2007, c. 289, §35 (NEW).]
[PL 2007, c. 289, §35 (NEW).]
2.  Preservation of appraisal rights if action taken by consent.  If a corporate action specified in section 1302 is to be approved by less than unanimous written consent, a shareholder who wishes to assert appraisal rights with respect to any class or series of shares may not sign a consent in favor of the proposed action with respect to that class or series of shares.  
[PL 2011, c. 274, §68 (AMD).]
3.  Effect of failure to preserve.  A shareholder who fails to satisfy the requirements of subsection 1 or 2 is not entitled to payment under this chapter.  
[PL 2007, c. 289, §35 (NEW).]
SECTION HISTORY
PL 2007, c. 289, §35 (NEW). PL 2011, c. 274, §68 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007
Data for this page extracted on 1/07/2025 11:10:17.
Maine Government
Legislature • Executive • Judicial • Agency Rules
Visit the State House
Tour Guide • Accessibility • Security Screening • Directions & Parking
Email
Office of the Revisor of Statutes