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Current as of January 01, 2025 | Updated by Findlaw Staff
1. General. The corporation's articles of incorporation or bylaws may prescribe qualifications for directors or for nominees for directors.
2. Residency, shareholder. A director need not be a resident of this State or a shareholder of the corporation unless the articles of incorporation or bylaws so prescribe.
3. Timing and application of nominee qualifications. A qualification for nomination for director prescribed before a person's nomination applies to such person at the time of nomination. A qualification for nomination for director prescribed after a person's nomination does not apply to such person with respect to such nomination.
4. Timing and application of director qualifications. A qualification for director prescribed before the start of a director's term applies only at the time an individual becomes a director or may apply during a director's term. A qualification prescribed during a director's term does not apply to that director before the end of that term.
Cite this article: FindLaw.com - Maine Revised Statutes Title 13-C. Maine Business Corporation Act § 802. Qualifications of directors - last updated January 01, 2025 | https://codes.findlaw.com/me/title-13-c-maine-business-corporation-act/me-rev-st-tit-13-c-sect-802/
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