Terms Used In Maine Revised Statutes > Title 13 > Part 2 > Chapter 85 > Subchapter 2 > Article 5 - Consolidation and Dissolution

• Actuarial equivalent: means an amount of equal value when computed at the discount rate contained in actuarial assumptions adopted by the board. See Maine Revised Statutes Title 5 Sec. 17001
• Articles: means the articles of incorporation. See Maine Revised Statutes Title 13 Sec. 1774
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a corporation organized under this subchapter, or a similar domestic corporation, or a foreign association or corporation if authorized to do business in this State, organized under any general or special Act as a cooperative association for the mutual benefit of its members, as agricultural producers, and which confines its operations to purposes authorized by this subchapter and restricts the return on the stock or membership capital and the amount of its business with nonmembers to the limits placed thereon by this subchapter for associations organized hereunder. See Maine Revised Statutes Title 13 Sec. 1774
• Benefit: means any payment made, or required to be made, to a beneficiary under chapter 423, subchapter V or chapter 425, subchapter V. See Maine Revised Statutes Title 5 Sec. 17001
• Board: means the board of directors. See Maine Revised Statutes Title 13 Sec. 1774
• 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.
• Creditable service: means a person's membership service, the person's prior service and service for which credit is allowable under sections 17755 and 17756; section 17760, subsection 3; section 18258; sections 18355 and 18356; and section 18360, subsection 2. See Maine Revised Statutes Title 5 Sec. 17001
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Employee: means :