Maine § 13-B §721 Misapplication of funds or assets of public benefit corporation

Maine Statutes

§ 13-B §721 — Misapplication of funds or assets of public benefit corporation

Maine § 13-B §721

Title 13-BMAINE NONPROFIT CORPORATION ACT

Ch. 7DIRECTORS AND OFFICERS

This text of Maine § 13-B §721 (Misapplication of funds or assets of public benefit corporation) 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 §721 (2026).

Text

1.Prohibited transaction. The funds or assets of a public benefit corporation may not be transferred or applied and a director or officer of a public benefit corporation may not authorize the transfer or application of funds or assets of the public benefit corporation if:

2.Conversion transactions. If a transfer under this section constitutes a conversion transaction as defined in Title 5, section 194‑B, subsection 2, the provisions of Title 5, sections 194‑B to 194‑K may apply and nothing in this section is intended to supersede those provisions applicable to such transactions.

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1.
Prohibited transaction.
The funds or assets of a public benefit corporation may not be transferred or applied and a director or officer of a public benefit corporation may not authorize the transfer or application of funds or assets of the public benefit corporation if:
2.
Conversion transactions.
If a transfer under this section constitutes a conversion transaction as defined in Title 5, section 194‑B, subsection 2, the provisions of Title 5, sections 194‑B to 194‑K may apply and nothing in this section is intended to supersede those provisions applicable to such transactions.