Maine Statutes
§ 5 §194-D — Conversion transactions less than $50,000
Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 1 STATE DEPARTMENTS·Ch. 9 ATTORNEY GENERAL
A public charity shall provide written notice to the Attorney General of its intent to enter into a conversion transaction if the value of the transaction is less than $50,000. The notice must include the name of the public charity, the value of the assets to be converted and the entity to which the assets will be transferred. Twenty days after providing notice to the Attorney General in accordance with this section, the public charity is deemed to be in compliance with section 194‑C and this section unless the Attorney General notifies the public charity within those 20 days that the value of the transaction is $50,000 or more or that the filing otherwise fails to comply with this section.
The Attorney General is not required to take any action on notices received under this section, exce
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Legislative History
PL 2001, c. 550, §A2 (NEW).
Nearby Sections
12
§ 5 §194
Public charities§ 5 §194-B
Definitions§ 5 §194-F
Court approval§ 5 §194-G
Review criteria§ 5 §194-H
Distribution of proceeds§ 5 §194-I
Intervention in court proceeding§ 5 §194-J
Attorney General authority§ 5 §194-K
Penalties