Maine § 13-B §1001 Sale of assets other than in regular course of activities

Maine Statutes

§ 13-B §1001 — Sale of assets other than in regular course of activities

Maine § 13-B §1001

Title 13-BMAINE NONPROFIT CORPORATION ACT

Ch. 10SALE AND OTHER DISPOSITIONS OF CORPORATE ASSETS

This text of Maine § 13-B §1001 (Sale of assets other than in regular course of activities) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 13-B, § 13-B §1001 (2026).

Text

1.Terms and conditions. Sale, lease, exchange, mortgage, pledge or other disposition of all, or substantially all, the property and assets of a corporation may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares of any corporation for profit, domestic or foreign, as may be authorized in the following manner.

2.Provision prescribing for approval of sale. The articles of incorporation of any corporation may contain a provision prescribing for approval of any sale of assets a vote greater than, but in no event less than, that prescribed by subsection 1.

3.Compliance with conversion law. If the proposed transaction constitutes a conversion transaction, as defined in Title 5, section

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1.
Terms and conditions.
Sale, lease, exchange, mortgage, pledge or other disposition of all, or substantially all, the property and assets of a corporation may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares of any corporation for profit, domestic or foreign, as may be authorized in the following manner.
2.
Provision prescribing for approval of sale.
The articles of incorporation of any corporation may contain a provision prescribing for approval of any sale of assets a vote greater than, but in no event less than, that prescribed by subsection 1.
3.
Compliance with conversion law.
If the proposed transaction constitutes a conversion transaction, as defined in Title 5, section 194‑B, subsection 2, a public benefit corporation must comply with the provision of Title 5, sections 194‑C to 194‑H.