{"data":{"id":"us-me/13-c-m.r.s.-642","jurisdiction":"us-me","citation":"13-C M.R.S. §642","heading":"Corporation's acquisition of its own shares","body":"1.  Acquisition.  A corporation may acquire its own shares.  Shares so acquired constitute authorized but unissued shares.\n2.  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.","path":["TITLE 13-C: MAINE BUSINESS CORPORATION ACT","CHAPTER 6: SHARES AND DISTRIBUTIONS","SUBCHAPTER 3: SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION"],"source_url":"https://legislature.maine.gov/statutes/13-C/title13-Csec642.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:27Z","sha256":"f71cc7d9d6ea865b4fc7a5b70a81dfd336060827e5ba708fe964a557712ce3dd","source_id":"us-me","stale":false,"prev":"us-me/13-c-m.r.s.-641","next":"us-me/13-c-m.r.s.-651"},"notice":"GroundRules: Original legal text. Not legal advice."}