Maine § 13-C §871 Definitions

Maine Statutes

§ 13-C §871 — Definitions

Maine § 13-C §871

Title 13-CMAINE BUSINESS CORPORATION ACT

Ch. 8DIRECTORS AND OFFICERS

This text of Maine § 13-C §871 (Definitions) 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 §871 (2026).

Text

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1.Conflicting interest. 1-A. Control. "Control" means: 1-B. Controlled by. "Controlled by" means a person subject to control by another person.

2.Director's conflicting-interest transaction. "Director's conflicting-interest transaction" means, as effected or proposed to be effected by a corporation or by an entity controlled by a corporation, a transaction: 2-A. Material financial interest. "Material financial interest" means a financial interest in a transaction that would reasonably be expected to impair the objectivity of the director’s judgment when participating in action on the authorization of the transaction.

3.Related person. "Related person" means: 3-A. Relevant

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As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Conflicting interest.
1-A.
Control.
"Control" means:
1-B.
Controlled by.
"Controlled by" means a person subject to control by another person.
2.
Director's conflicting-interest transaction.
"Director's conflicting-interest transaction" means, as effected or proposed to be effected by a corporation or by an entity controlled by a corporation, a transaction:
2-A.
Material financial interest.
"Material financial interest" means a financial interest in a transaction that would reasonably be expected to impair the objectivity of the director’s judgment when participating in action on the authorization of the transaction.
3.
Related person.
"Related person" means:
3-A.
Relevant time.
"Relevant time," with regard to a transaction, means:
4.
Required disclosure.
"Required disclosure" means disclosure of:
5.
Time of commitment.

Legislative History

RR 2001, c. 2, §A20 (COR). RR 2001, c. 2, §A21 (AFF). PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2007, c. 289, §27 (AMD). PL 2015, c. 259, §14 (AMD).