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Me. Rev. Stat. tit. 13, § 747

Cancellation of disqualified shares

Known as the Maine Professional Service Corporation Act

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

PL 2001, c. 640, §B2 (NEW)

If the shares of a disqualified person are not acquired pursuant to section 743 within 10 months after the death of the shareholder or within 5 months after the disqualification or transfer, the professional corporation shall immediately cancel the shares on its books and the disqualified person has no further interest as a shareholder in the corporation other than the right to payment for the shares under section 743.

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