Maine § 13-B §713-A Public benefit corporation; board

Maine Statutes

§ 13-B §713-A — Public benefit corporation; board

Maine·Title 13-B MAINE NONPROFIT CORPORATION ACT·Ch. 7 DIRECTORS AND OFFICERS

1.Financially interested person. For the purposes of this section, "financially interested person" means:

2.Board. No more than 49% of the individuals on the board of directors of a public benefit corporation may be financially interested persons. 2-A. Compensation information. A public benefit corporation that receives at least 25% of its total funding from one or more municipal, county, state or federal sources shall provide to the public information about the total compensation paid by the corporation to any director or officer of the corporation if the compensation exceeds $250,000 in any 12-month period. The corporation shall make the information available by posting the information on its publicly accessible website or through other comparable means. "Compensation" includes all rem

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1.
Financially interested person.
For the purposes of this section, "financially interested person" means:
2.
Board.
No more than 49% of the individuals on the board of directors of a public benefit corporation may be financially interested persons.
2-A.
Compensation information.
A public benefit corporation that receives at least 25% of its total funding from one or more municipal, county, state or federal sources shall provide to the public information about the total compensation paid by the corporation to any director or officer of the corporation if the compensation exceeds $250,000 in any 12-month period. The corporation shall make the information available by posting the information on its publicly accessible website or through other comparable means. "Compensation" includes all remuneration and benefits.
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.

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