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

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.

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