Maine Revised Statutes Title 13 Sec. 938 – Distribution of assets
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Terms Used In Maine Revised Statutes Title 13 Sec. 938
- 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.
- 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.
In case of the dissolution of a corporation pursuant to section 937 or any other provision of law, the assets of the corporation remaining after the payment of all of its debts must be distributed in the manner and to the persons, firms, associations, corporations, trusts or other legal entities provided in its certificate of organization or any amendment thereto; however, the assets of a charitable corporation that is dissolved may not be devoted to other than charitable purposes. In the case of the dissolution of a corporation organized under this chapter other than a charitable corporation, unless contrary provision is made in its certificate of organization or any amendment thereto, the assets of the corporation remaining after the payment of its debts must be distributed equally to its members. [PL 2003, c. 523, §6 (AMD).]
SECTION HISTORY
PL 1971, c. 373, §3 (NEW). PL 1977, c. 525, §9 (AMD). PL 1977, c. 592, §6 (AMD). PL 2003, c. 523, §6 (AMD).