Terms Used In Maine Revised Statutes > Title 13-C > Chapter 9 > Subchapter 4 - Entity Conversion

• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the Board of Directors of the Maine Employers' Mutual Insurance Company. See Maine Revised Statutes Title 24-A Sec. 3702
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Company: means the Maine Employers' Mutual Insurance Company created in section 3703. See Maine Revised Statutes Title 24-A Sec. 3702
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Converting entity: means the domestic business corporation or domestic unincorporated entity that adopts a plan of entity conversion or the foreign unincorporated entity converting to a domestic business corporation. See Maine Revised Statutes Title 13-C Sec. 951
• 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.
• Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Dependent: A person dependent for support upon another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Maine-based employer: means an employer with a principal place of business located in this State. See Maine Revised Statutes Title 24-A Sec. 3702
• Majority: when used in reference to age shall mean the age of 18 and over. 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.
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• Service of process: The service of writs or summonses to the appropriate party.
• Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 3702
• Surviving entity: means the corporation or unincorporated entity as it continues in existence immediately after consummation of an entity conversion pursuant to this subchapter. See Maine Revised Statutes Title 13-C Sec. 951
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• Voluntary market: means the workers' compensation insurance market in which insurance companies voluntarily offer coverage to applicants who meet the insurers' underwriting standards or guidelines. See Maine Revised Statutes Title 24-A Sec. 3702
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72