Maine Revised Statutes Title 13 Sec. 3169 – Administration of ministerial and school funds
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Terms Used In Maine Revised Statutes Title 13 Sec. 3169
- 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.
- Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72
The ministerial and school funds now held in trust by any town or by a corporation existing under section 3162 may be turned over to the Treasurer of State to be administered in accordance with the terms and provisions of such trust and those funds must be invested by the Treasurer of State in the same manner as provided for investments in securities enumerated in Title 9-B, chapter 55-A. Such town or corporation thereupon is relieved of any further duties or liabilities for such funds, provided such town, acting under an appropriate article in the warrant at any annual town meeting, votes to cause such funds to be entrusted to the Treasurer of State. [PL 1991, c. 824, Pt. A, §22 (AMD).]
SECTION HISTORY
PL 1967, c. 494, §15 (AMD). PL 1971, c. 544, §42 (AMD). PL 1977, c. 78, §109 (AMD). PL 1991, c. 824, §A22 (AMD).