Maine Revised Statutes Title 10 Sec. 1171-A – Corporate affiliates
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Terms Used In Maine Revised Statutes Title 10 Sec. 1171-A
- 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.
- Franchisor: means a manufacturer, distributor or wholesaler who grants a franchise to a motor vehicle dealer. See Maine Revised Statutes Title 10 Sec. 1171
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means a natural person, corporation, partnership, trust or other entity, and, in case of an entity, it shall include any other entity in which it has a majority interest or effectively controls as well as the individual officers, directors and other persons in active control of the activities of each such entity. See Maine Revised Statutes Title 10 Sec. 1171
A franchisor may not use any subsidiary corporation, affiliated corporation, other corporation in which it owns or controls more than 5% of the stock or other corporation, partnership, association or person to accomplish what would otherwise be prohibited conduct under this chapter on the part of the franchisor. This section does not limit the right of any entity included within the scope of this section to engage in reasonable and appropriate business practices in accordance with the usage of the trade in which it is engaged. [PL 1997, c. 521, §5 (NEW).]
SECTION HISTORY
PL 1997, c. 521, §5 (NEW).