Maine § 13-B §720 General standards for officers

Maine Statutes

§ 13-B §720 — General standards for officers

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

1.Discretionary authority. An officer of a corporation with discretionary authority shall discharge that officer's duties under that authority:

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

3.Compliance. An officer of a corporation is not liable to a corporation, any member or other person for any action taken or not taken as an officer if the officer 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.

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1.
Discretionary authority.
An officer of a corporation with discretionary authority shall discharge that officer's duties under that authority:
2.
Rely on information.
In discharging the officer's duties, an officer of a corporation is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:
3.
Compliance.
An officer of a corporation is not liable to a corporation, any member or other person for any action taken or not taken as an officer if the officer 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.

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