GroundRules
13-C M.R.S. §642: Corporation's acquisition of its own shares
Where this section sits in the code
- TITLE 13-C: MAINE BUSINESS CORPORATION ACT
- CHAPTER 6: SHARES AND DISTRIBUTIONS
- SUBCHAPTER 3: SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION
1. Acquisition. A corporation may acquire its own shares. Shares so acquired constitute authorized but unissued shares.
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.
Collected 2026-09-04T15:12:27Z. Source file · JSON