Maine Revised Statutes Title 20-A Sec. 6911 – General conditions; dissolution
Current as of: 2023 | Check for updates
|
Other versions
The Jobs for Maine’s Graduates shall operate as a nonprofit organization consistent with its composition and broad public purposes. The following conditions apply to the operation or dissolution of the corporation. [PL 1993, c. 348, §1 (NEW).]
1. Net earnings. No part of the net earnings of the corporation may inure to the benefit of any officer, director or employee except that the corporation may pay reasonable compensation for services rendered and otherwise hold, manage and dispose of its property in furtherance of the purposes of the corporation.
[PL 1993, c. 348, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 20-A Sec. 6911
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
2. Dissolution. Upon dissolution of the corporation, the dissolved corporation shall transfer all unexpended General Fund appropriations to the State before paying or making provision for the payment of all other liabilities.
[PL 1993, c. 348, §1 (NEW).]
SECTION HISTORY
PL 1993, c. 348, §1 (NEW).