Maine § 13-B §717 General standards for directors

Maine Statutes

§ 13-B §717 — General standards for directors

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

1.Discharge duties. A director shall discharge the director's duties:

2.Rely on information. In discharging the director's duties, a director is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:

3.Performance; compliance. A director is not liable for the performance of the duties of the director's office if the director acted in compliance with this section and, if a conflict-of-interest transaction is involved, the transaction was fair to the corporation or was approved pursuant to section 718.

4.Trustee. A director is not considered a trustee with respect to the director's corporation or with respect to any property held or administered by that corporation, including, without limitat

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1.
Discharge duties.
A director shall discharge the director's duties:
2.
Rely on information.
In discharging the director's duties, a director is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:
3.
Performance; compliance.
A director is not liable for the performance of the duties of the director's office if the director acted in compliance with this section and, if a conflict-of-interest transaction is involved, the transaction was fair to the corporation or was approved pursuant to section 718.
4.
Trustee.
A director is not considered a trustee with respect to the director's corporation or with respect to any property held or administered by that corporation, including, without limitation, property that may be subject to restrictions imposed by the donor or transferor of the property.

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