§ 871 Definitions
§ 872 Judicial action
§ 873 Directors’ action
§ 874 Shareholders’ action

Terms Used In Maine Revised Statutes > Title 13-C > Chapter 8 > Subchapter 6 - Directors' Conflicting-Interest Transactions

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: means :
A. See Maine Revised Statutes Title 13-C Sec. 871
  • Controlled by: means a person subject to control by another person. See Maine Revised Statutes Title 13-C Sec. 871
  • 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
  • Donor: The person who makes a gift.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fiduciary: A trustee, executor, or administrator.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
  • Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
  • Material financial interest: means a financial interest in a transaction that would reasonably be expected to impair the objectivity of the director's judgment when participating in action on the authorization of the transaction. See Maine Revised Statutes Title 13-C Sec. 871
  • Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
  • 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.
  • Quorum: The number of legislators that must be present to do business.
  • Related person: means :
    • A. See Maine Revised Statutes Title 13-C Sec. 871
  • Required disclosure: means disclosure of:
    • A. See Maine Revised Statutes Title 13-C Sec. 871
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72