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Maine Revised Statutes Title 13-B. Maine Nonprofit Corporation Act § 1406. Public and mutual benefit corporation

Current as of January 01, 2022 | Updated by FindLaw Staff

1. Public benefit corporation. A domestic corporation subject to this Act is a public benefit corporation if:

A. It is designated a public benefit corporation by statute;

B. It is recognized as exempt under the Internal Revenue Code, Section 501(c)(3) or any successor provision;

C. Pursuant to its articles of incorporation or its bylaws or by statute, it:

(1) Is organized for a public or charitable purpose; and

(2) Upon dissolution must distribute its assets to a public benefit corporation, the United States, a state, or a person that is recognized as exempt under the Internal Revenue Code, Section 501(c)(3) or any successor provision; or

D. It elects to be a public benefit corporation in accordance with subsection 3 or section 403, subsection 1, paragraph A-1.

2. Mutual benefit corporation. A domestic corporation other than one described in subsection 1 is a mutual benefit corporation.

3. Filings by corporation existing on effective date. Not later than January 1, 2004, a domestic corporation in existence on January 1, 2003 shall specify on a filing with the Secretary of State whether it is a public benefit corporation or a mutual benefit corporation.

A. The specification may be made on an annual report, on an amendment or restatement of articles of incorporation or on articles of merger, conversion or domestication.

B. A corporation that fails to comply with this subsection is a public benefit corporation until proper filing is made.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 13-B. Maine Nonprofit Corporation Act § 1406. Public and mutual benefit corporation - last updated January 01, 2022 | https://codes.findlaw.com/me/title-13-b-maine-nonprofit-corporation-act/me-rev-st-tit-13-b-sect-1406/

Read this complete Maine Revised Statutes Title 13-B. Maine Nonprofit Corporation Act § 1406. Public and mutual benefit corporation on Westlaw

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