Maine Revised Statutes Title 13-C Sec. 802 – Qualifications of directors
Current as of: 2023 | Check for updates
|
Other versions
1. General. The corporation‘s articles of incorporation or bylaws may prescribe qualifications for directors or for nominees for directors.
[PL 2015, c. 259, §12 (NEW).]
Terms Used In Maine Revised Statutes Title 13-C Sec. 802
- 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.
2. Residency, shareholder. A director need not be a resident of this State or a shareholder of the corporation unless the articles of incorporation or bylaws so prescribe.
[PL 2015, c. 259, §12 (NEW).]
3. Timing and application of nominee qualifications. A qualification for nomination for director prescribed before a person’s nomination applies to such person at the time of nomination. A qualification for nomination for director prescribed after a person’s nomination does not apply to such person with respect to such nomination.
[PL 2015, c. 259, §12 (NEW).]
4. Timing and application of director qualifications. A qualification for director prescribed before the start of a director’s term applies only at the time an individual becomes a director or may apply during a director’s term. A qualification prescribed during a director’s term does not apply to that director before the end of that term.
[PL 2015, c. 259, §12 (NEW).]
SECTION HISTORY
PL 2001, c. 640, §A2 (NEW). PL 2001, c. 640, §B7 (AFF). PL 2015, c. 259, §12 (RPR).