Maine Revised Statutes Title 20-A Sec. 6907 – Liability of officers, directors and employees
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Terms Used In Maine Revised Statutes Title 20-A Sec. 6907
- 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.
All officers, directors, employees and other agents of the corporation entrusted with the custody of the securities of the corporation or authorized to disburse the funds of the corporation must be bonded, either by a blanket bond or by individual bonds, with a surety bond or bonds with a minimum limitation of $100,000 coverage for each person covered, conditioned upon the faithful performance of duties, the premiums for which are paid out of the assets of the corporation. [PL 1993, c. 348, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 348, §1 (NEW).