Maine § 13-B §720 General standards for officers

Maine Statutes

§ 13-B §720 — General standards for officers

Maine § 13-B §720

Title 13-BMAINE NONPROFIT CORPORATION ACT

Ch. 7DIRECTORS AND OFFICERS

This text of Maine § 13-B §720 (General standards for officers) 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 §720 (2026).

Text

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.