Title 13-C: MAINE BUSINESS CORPORATION ACT

Chapter 6: SHARES AND DISTRIBUTIONS

Subchapter 3: SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION

§642. Corporation's acquisition of its own shares

1.  Acquisition.  A corporation may acquire its own shares. Shares so acquired constitute authorized but unissued shares.  

[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]

2.  Prohibition on reissuance.  If a corporation's articles of incorporation prohibit the reissue of the acquired shares, the number of authorized shares is reduced by the number of shares acquired.  

[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]

SECTION HISTORY

PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF).