Maine § 13-C §854 Advance for expenses

Maine Statutes

§ 13-C §854 — Advance for expenses

Maine·Title 13-C MAINE BUSINESS CORPORATION ACT·Ch. 8 DIRECTORS AND OFFICERS

1.Conditions. A corporation may, before final disposition of a proceeding, advance funds to pay for or reimburse the expenses incurred in connection with the proceeding by an individual who is a party to the proceeding because that individual is a member of the board of directors, if the individual delivers to the corporation:

2.Repayment obligation. The undertaking required by subsection 1, paragraph B must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to the financial ability of the director to make repayment.

3.Authorization process. Authorizations under this section may be made:

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1.
Conditions.
A corporation may, before final disposition of a proceeding, advance funds to pay for or reimburse the expenses incurred in connection with the proceeding by an individual who is a party to the proceeding because that individual is a member of the board of directors, if the individual delivers to the corporation:
2.
Repayment obligation.
The undertaking required by subsection 1, paragraph B must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to the financial ability of the director to make repayment.
3.
Authorization process.
Authorizations under this section may be made:

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