Massive Changes On the Way For Maine's Business Corporation and Professional Service Corporation Acts
Posted:6/12/03
Maine House Bill No. 283, L.D. 361, effective July 1, 2003, repeals Title 13-A, the current Maine Business Corporation Act, and replaces it with a new Title 13-C, also entitled the "Maine Business Corporation Act." The new act is based on the Model Business Corporation Act, which has been updated and modified as necessary to preserve certain unique aspects of Maine's current Business Corporation Act. L.D. 361 also repeals the current Professional Service Corporation Act and replaces it with a revised Professional Service Corporation Act. To review a detailed summary of L.D. 361 or the full bill text, go to http://www.state.me.us/sos/cec/corp/newlaw/lawrev.htm and scroll down to links at the bottom of the page.
In addition, the Maine Legislature has passed Maine House Bill No. 1128, L.D. 1539, also effective July 1, 2003, in an effort to conform Maine's limited partnership, limited liability company, limited liability partnership and mark laws to the new Title 13-C. To review the full bill text for L.D. 1539 and a detailed summary of the bill, go to http://janus.state.me.us/legis/LawMakerWeb/externalsiteframe.asp?ID=280010465&LD=1539&Type=1, and click on the "download bill" link at the bottom of the page. Scroll down past the bill text to review the bill summary.
According to the Maine Department of the Secretary of the State, Bureau of Corporations, Elections and Commissions, forms used pursuant to the current Maine Business Corporation Act, Title 13-A, will no longer be accepted after July 1, 2003. New forms will be posted in the Forms Library at www.incspot.com as soon as the Bureau of Corporations, Elections and Commissions makes the new forms available.
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