Maine Revised Statutes Title 13-C Sec. 753 – Demand
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A shareholder may not commence a derivative proceeding until: [PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]
1. Written demand. A written demand has been made upon the corporation to take suitable action; and
[PL 2001, c. 640, Pt. A, §2 (NEW); PL 2001, c. 640, Pt. B, §7 (AFF).]
Terms Used In Maine Revised Statutes Title 13-C Sec. 753
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Derivative proceeding: means a civil suit in the right of a domestic corporation or, to the extent provided in section 758, in the right of a foreign corporation. See Maine Revised Statutes Title 13-C Sec. 751
- Shareholder: includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the beneficial owner's behalf. See Maine Revised Statutes Title 13-C Sec. 751
2. Expiration of 90 days. Ninety days have expired from the date delivery of the demand was made, unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the 90-day period.
[PL 2011, c. 274, §30 (AMD).]
SECTION HISTORY
PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2011, c. 274, §30 (AMD).