(1). In this section, “overissue” means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

Terms Used In Maine Revised Statutes Title 11 Sec. 8-1210

  • Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
    (i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;
    (ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and
    (iii) That:
    (A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or
    (B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102
  • Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
(2). Except as otherwise provided in subsections (3) and (4), the provisions of this Article which validate a security or compel its issue or reissue do not apply to the extent that validation, issue or reissue would result in overissue.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

(3). If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

(4). If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person’s demand.

[PL 1997, c. 429, Pt. B, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 429, §B2 (NEW).