Maine § 5 §194-C Notice and approval for conversion transaction

Maine Statutes

§ 5 §194-C — Notice and approval for conversion transaction

Maine § 5 §194-C

Title 5ADMINISTRATIVE PROCEDURES AND SERVICES

Part 1STATE DEPARTMENTS

Ch. 9ATTORNEY GENERAL

This text of Maine § 5 §194-C (Notice and approval for conversion transaction) 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. 5, § 5 §194-C (2026).

Text

1.Notice or approval required. Prior to completing a conversion transaction, a public charity must:

2.Appraisal required. Fair market value must be determined by an independent appraisal for conversion transactions with a fair market value of $50,000 or more. If the appraisal provides a range of values, the highest point of the range determines which section of law applies to the transaction pursuant to subsection 1.

3.Failure to comply with this section or sections 194-D to 194-H. A transaction consummated in violation of any provision of this section or sections 194‑D to 194‑H is voidable. Officers and directors who receive private inurement or excess benefits from such a transaction are subject to the civil penalties provided in section 194‑K.

4.Applicability to nonprofit hospital o

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1.
Notice or approval required.
Prior to completing a conversion transaction, a public charity must:
2.
Appraisal required.
Fair market value must be determined by an independent appraisal for conversion transactions with a fair market value of $50,000 or more. If the appraisal provides a range of values, the highest point of the range determines which section of law applies to the transaction pursuant to subsection 1.
3.
Failure to comply with this section or sections 194-D to 194-H.
A transaction consummated in violation of any provision of this section or sections 194‑D to 194‑H is voidable. Officers and directors who receive private inurement or excess benefits from such a transaction are subject to the civil penalties provided in section 194‑K.
4.
Applicability to nonprofit hospital or medical service organizations.
This section, section 194‑B and sections 194‑D to 194‑K do not apply to a corporation or other entity licensed under Title 24, chapter 19. A conversion of a corporation or other entity licensed under Title 24, chapter 19 is governed by section 194‑A and Title 24, section 2301, subsection 9‑D.