Maine § 13-C §1821 Standard of conduct for directors

Maine Statutes

§ 13-C §1821 — Standard of conduct for directors

Maine § 13-C §1821

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 18BENEFIT CORPORATIONS

This text of Maine § 13-C §1821 (Standard of conduct for directors) 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-C, § 13-C §1821 (2026).

Text

1.Consideration of interests. In discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board and individual directors of a benefit corporation shall consider the effects of any action or inaction upon:

2.Coordination with other provisions of law. The consideration of interests and factors in the manner provided by subsection 1 does not constitute a violation of section 832.

3.Exoneration from personal liability. Except as provided in the articles of incorporation, a director is not personally liable for monetary damages for:

4.Limitation on standing. A director does not have a duty to a person that is a beneficiary of general public benefit purpose or a specific public benefit pur

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Consideration of interests.
In discharging the duties of their respective positions and in considering the best interests of the benefit corporation, the board of directors, committees of the board and individual directors of a benefit corporation shall consider the effects of any action or inaction upon:
2.
Coordination with other provisions of law.
The consideration of interests and factors in the manner provided by subsection 1 does not constitute a violation of section 832.
3.
Exoneration from personal liability.
Except as provided in the articles of incorporation, a director is not personally liable for monetary damages for:
4.
Limitation on standing.
A director does not have a duty to a person that is a beneficiary of general public benefit purpose or a specific public benefit purpose of a benefit corporation arising from the status of the person as a beneficiary.
5.
Business judgments.
A director who makes a business judgment in good faith fulfills the duty under this section if the director: