Maine Revised Statutes Title 23 Sec. 5165 – Vote to redeem prior mortgage and assessments
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 23 Sec. 5165
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
If any part of the property or franchise is subject to a prior mortgage, the new corporation, at a legal meeting called for that purpose, may vote to redeem the property or franchise and make an assessment on all holders of stock, certificates for fractions of stock, bonds or coupons in the corporation in proportion to their amounts. The directors shall immediately assess the sum and fix a time and place for the payment of it to the treasurer, who shall publish notice accordingly 6 weeks successively in some newspaper, if any, in each of the counties where the road extends, the last publication to be at least 2 weeks before the time fixed for payment. [PL 1987, c. 141, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A4 (NEW).