Corporation's acquisition of its own shares

1. Law
2. Maine Revised Statutes
3. MAINE BUSINESS CORPORATION ACT
4. SHARES AND DISTRIBUTIONS
5. SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION
6. Corporation's acquisition of its own shares

§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).

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