Maine § 2197. - Preferred; issuance in payment for purchases by association
Full text of Maine Maine Revised Statutes § 2197. — Preferred; issuance in payment for purchases by association, with citation guidance and answers to common questions.
§ 2197.. Preferred; issuance in payment for purchases by association
Whenever an association, organized with preferred shares of stock, purchases the stock or any property or any interest in any property of any person, it may discharge the obligations so incurred wholly or in part, by exchanging for the acquired interest, shares of its preferred stock to an amount which at par value would equal the fair market value of the stock or interest so purchased, as determined by the board of directors. In that case the transfer to the association of the stock or interest purchased shall be equivalent to payment in cash for the shares of stock issued.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 2197.
What does Maine Revised Statutes § 2197. cover?
Section 2197. ("Preferred; issuance in payment for purchases by association") 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 § 2197.?
A common citation format is "Maine Revised Statutes § 2197." (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 § 2197. 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.