2005 Maine Code - §713-A — Public benefit corporation; board

      1. Financially interested person. For the purposes of this section, "financially interested person" means:
   
A. An individual who has received or is entitled to receive compensation from a public benefit corporation for personal services rendered to the corporation by that individual within the previous 12 months, whether as a full-time or part-time employee, independent contractor, consultant or otherwise, excluding any reasonable payments made to directors for serving as directors. An individual is considered to receive compensation for services rendered to a public benefit corporation by that individual if the individual is entitled to receive, other than as a shareholder of a publicly held corporation, a portion of the net income of a corporate or other business entity that provides, for compensation, personal services to that public benefit corporation; or [2001, c. 550, Pt. C, §15 (new); §29 (aff).]    
B. A spouse, brother, sister, parent or child of the individual described in paragraph A. [2001, c. 550, Pt. C, §15 (new); §29 (aff).] [2001, c. 550, Pt. C, §15 (new); §29 (aff).]
      2. Board. No more than 49% of the individuals on the board of directors of a public benefit corporation may be financially interested persons.[2001, c. 550, Pt. C, §15 (new); §29 (aff).]
      3. Validity; enforceability. The failure to comply with this section does not affect the validity or enforceability of any transaction entered into by a corporation.[2001, c. 550, Pt. C, §15 (new); §29 (aff).]

Section History:

PL 2001,  Ch. 550,   §C15 (NEW).
PL 2001,  Ch. 550,   §C29 (AFF).