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