Maine Revised Statutes Title 20-A Sec. 6908 – Prohibited interests of officers, directors and employees
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Terms Used In Maine Revised Statutes Title 20-A Sec. 6908
- Board of directors: means the governing body with statutory powers and duties for a school administrative district. See Maine Revised Statutes Title 20-A Sec. 1
- 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.
- Dependent: A person dependent for support upon another.
Officers, directors or employees of the corporation or their spouses or dependent children may not receive any direct personal benefit from the activities of the corporation in assisting any private entity. This provision does not prohibit corporations or other entities with which an officer or director is associated by reasons of ownership or employment from participating in school-to-work transition activities of the corporation, provided that the ownership or employment is made known to the board of directors and, if applicable, the officer or director abstains from voting on matters relating to that participation. [PL 1993, c. 348, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 348, §1 (NEW).