§ 1821 Standard of conduct for directors
§ 1822 Benefit director
§ 1823 Standard of conduct for officers
§ 1824 Benefit officer
§ 1825 Right of action

Terms Used In Maine Revised Statutes > Title 13-C > Chapter 18 > Subchapter 3 - Accountability

  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Benefit corporation: means a corporation:
A. See Maine Revised Statutes Title 13-C Sec. 1802
  • Benefit director: means the director designated as the benefit director of a benefit corporation under section 1822. See Maine Revised Statutes Title 13-C Sec. 1802
  • Benefit enforcement proceeding: means a claim or action or proceeding for:
    • A. See Maine Revised Statutes Title 13-C Sec. 1802
  • Benefit officer: means the individual designated as the benefit officer of a benefit corporation under section 1824. See Maine Revised Statutes Title 13-C Sec. 1802
  • Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a 3rd-party standard, from the business and operations of a benefit corporation. See Maine Revised Statutes Title 13-C Sec. 1802
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
  • Independent: means having no material relationship with a benefit corporation or a subsidiary of the benefit corporation, except that serving as benefit director or benefit officer does not make an individual not independent. See Maine Revised Statutes Title 13-C Sec. 1802
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Obligor: means an individual who receives an overpayment or an adult individual who is a member of an assistance unit that receives an overpayment. See Maine Revised Statutes Title 22 Sec. 3811
  • Overpayment: means program benefits that exceed the amount of program benefits for which an individual or assistance unit is eligible when the department or a court has determined that the benefits were provided as a result of an intentional program violation, an unintentional error by the individual or household or an error by the department. See Maine Revised Statutes Title 22 Sec. 3811
  • Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
  • Specific public benefit: means any particular benefit to society or the environment, including without limitation:
    • A. See Maine Revised Statutes Title 13-C Sec. 1802
  • Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity had been exercised. See Maine Revised Statutes Title 13-C Sec. 1802
  • Trustee: A person or institution holding and administering property in trust.