Maine Revised Statutes Title 5 Sec. 194-D – Conversion transactions less than $50,000
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Terms Used In Maine Revised Statutes Title 5 Sec. 194-D
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A public charity shall provide written notice to the Attorney General of its intent to enter into a conversion transaction if the value of the transaction is less than $50,000. The notice must include the name of the public charity, the value of the assets to be converted and the entity to which the assets will be transferred. Twenty days after providing notice to the Attorney General in accordance with this section, the public charity is deemed to be in compliance with section 194?C and this section unless the Attorney General notifies the public charity within those 20 days that the value of the transaction is $50,000 or more or that the filing otherwise fails to comply with this section. [PL 2001, c. 550, Pt. A, §2 (NEW).]
The Attorney General is not required to take any action on notices received under this section, except that, upon request of a public charity that has properly provided notice under this section, the Attorney General shall issue a letter indicating that the public charity has complied with its obligation under this section, section 194?C and sections 194?E to 194?H. [PL 2001, c. 550, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2001, c. 550, §A2 (NEW).