Maine § 13-C §854 Advance for expenses

Maine Statutes

§ 13-C §854 — Advance for expenses

Maine § 13-C §854

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 8DIRECTORS AND OFFICERS

This text of Maine § 13-C §854 (Advance for expenses) 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 §854 (2026).

Text

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: