13-C M.R.S. § 602
This is the official text of 13-C M.R.S. § 602, part of Maine’s M.R.S — part of the compiled statutory law of Maine, published by the state as "M.R.S." Browse the sections below, each linked to its official government source.
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13-C §602. Terms of class or series determined by board of directors
Official statutory text
1. Determination by board of directors. If a corporation's articles of incorporation provide, the board of directors is authorized without shareholder approval to: A. Classify any unissued shares into one or more classes or into one or more series within a class; [PL 2003, c. 344, Pt. B, §56 (NEW).] B. Reclassify any unissued shares of any class into one or more classes or into one or more series within one or more classes; or [PL 2003, c. 344, Pt. B, §56 (NEW).] C. Reclassify any unissued shares of any series of any class into one or more classes or into one or more series within a class. [PL 2003, c. 344, Pt. B, §56 (NEW).] [PL 2003, c. 344, Pt. B, §56 (AMD).]
2. Series must have distinguishing designation. [PL 2003, c. 344, Pt. B, §56 (RP).]
2-A. Terms fixed before issuance. If the board of directors acts pursuant to subsection 1 , the board shall determine the terms including the preferences, rights and limitations to the same extent permitted under section 601 , of: A. Any class of shares before the issuance of any shares of that class; or [PL 2003, c. 344, Pt. B, §56 (NEW).] B. Any series within a class before the issuance of any shares of that series. [PL 2003, c. 344, Pt. B, §56 (NEW).] [PL 2003, c. 344, Pt. B, §56 (NEW).]
3. Identical terms. [PL 2003, c. 344, Pt. B, §56 (RP).]
3-A. Filing articles of amendment. Before issuing any shares of a class or series created under this section, the corporation shall deliver to the Secretary of State for filing articles of amendment setting forth the terms authorized under subsection 1 . [PL 2003, c. 344, Pt. B, §56 (NEW).]
4. Filing articles of amendment. [PL 2003, c. 344, Pt. B, §56 (RP).]
2. Series must have distinguishing designation. [PL 2003, c. 344, Pt. B, §56 (RP).]
2-A. Terms fixed before issuance. If the board of directors acts pursuant to subsection 1 , the board shall determine the terms including the preferences, rights and limitations to the same extent permitted under section 601 , of: A. Any class of shares before the issuance of any shares of that class; or [PL 2003, c. 344, Pt. B, §56 (NEW).] B. Any series within a class before the issuance of any shares of that series. [PL 2003, c. 344, Pt. B, §56 (NEW).] [PL 2003, c. 344, Pt. B, §56 (NEW).]
3. Identical terms. [PL 2003, c. 344, Pt. B, §56 (RP).]
3-A. Filing articles of amendment. Before issuing any shares of a class or series created under this section, the corporation shall deliver to the Secretary of State for filing articles of amendment setting forth the terms authorized under subsection 1 . [PL 2003, c. 344, Pt. B, §56 (NEW).]
4. Filing articles of amendment. [PL 2003, c. 344, Pt. B, §56 (RP).]
Status: in_force · Read it on the official government site
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