13-C M.R.S. § 1201 Disposition of Assets Not Requiring Shareholder Approval

• Library: Maine Revised Statutes
• Edition: 2023
• Currency: Current through 131st (2023-2024) Legislature Chapter 486
• Year: 2023
• Citation: 13-C M.R.S. § 1201

Approval of the shareholders of a corporation is not required, unless the articles of incorporation otherwise provide, to: [ 2001, c. 640, Pt. A, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF).]

1. Usual and regular course of business. Sell, lease, exchange or otherwise dispose of any or all of the corporation's assets in the usual and regular course of business;

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

2. Grants of security, etc. Mortgage, pledge, dedicate to the repayment of indebtedness, whether with or without recourse, or otherwise encumber any or all of the corporation's assets, whether or not in the usual and regular course of business;