Maine § 1978. - Membership shares; fees
Full text of Maine Maine Revised Statutes § 1978. — Membership shares; fees, with citation guidance and answers to common questions.
§ 1978.. Membership shares; fees
1. Issuance of shares. An employee cooperative shall issue a class of voting stock designated as membership shares.
2. Payment. Each member of an employee cooperative corporation must be issued a membership share upon payment of a membership fee, the amount of which must be determined from time to time by the directors. Title 13‑C, section 621 does not apply to membership shares.
3. Ownership limited. Each member shall own only one membership share, and only members may own those shares.
4. Voting stock limited. Unless otherwise provided in this subchapter or in the articles of incorporation of an employee cooperative, no other capital stock other than membership shares may have voting power. In the event that proposed amendments to the articles of incorporation would adversely affect any nonvoting class of shareholders, such action may not be taken without the vote of those shareholders, as provided in Title 13‑C, sections 1003 and 1004.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1978.
What does Maine Revised Statutes § 1978. cover?
Section 1978. ("Membership shares; fees") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1978.?
A common citation format is "Maine Revised Statutes § 1978." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1978. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.