Maine Revised Statutes Title 20-A Sec. 6906 – Limitation of powers
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Terms Used In Maine Revised Statutes Title 20-A Sec. 6906
- 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.
The corporation may not enter into contracts, obligations or commitments of any kind on behalf of the State or any of its agencies, nor may it have the power of eminent domain or any other power not provided to business corporations generally. Bonds, notes and other evidences of indebtedness of the corporation may not in any way be a debt or liability of the State or constitute a pledge of the faith and credit of the State. [PL 1993, c. 348, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 348, §1 (NEW).