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Me. Rev. Stat. tit. 13, § 742

Share transfer restriction

Known as the Maine Professional Service Corporation Act

The act spans §§ 721 to 772 (24 sections).

PL 2001, c. 640, §B2 (NEW)

1. Limit to transfers. A shareholder of a professional corporation may transfer or pledge shares, fractional shares and rights or options to purchase shares of the corporation only to qualified persons.

2. Other transfers void. A transfer of shares made in violation of subsection 1, except one made by operation of law or court judgment, is void.

Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.