Maine Revised Statutes Title 5 Sec. 13208 – Interest of public officials, directors or employees
Current as of: 2023 | Check for updates
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Other versions
1. Present or past interest in property. If a public official, member of the board of directors or employee of the corporation presently owns or controls, or owned or controlled within the preceding 2 years, a direct or an indirect interest in property known to be included or planned to be included in a corporation activity, that public official, trustee or employee shall disclose this fact immediately in writing to the board of directors and the disclosure must be entered in the board’s minutes.
[PL 2021, c. 631, §1 (NEW).]
Attorney's Note
Under the Maine Revised Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class E crime | up to 6 months | up to $1,000 |
Terms Used In Maine Revised Statutes Title 5 Sec. 13208
- Board of directors: means the board of directors of the corporation established in section 13203, subsection 4. See Maine Revised Statutes Title 5 Sec. 13202
- 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.
- Corporation: means the Maine Space Corporation established in section 13201. See Maine Revised Statutes Title 5 Sec. 13202
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- Trustee: A person or institution holding and administering property in trust.
2. Recusal. A public official, member of the board of directors or employee of the corporation with an interest in property under this section may not participate in an action by the corporation affecting that property.
[PL 2021, c. 631, §1 (NEW).]
3. Violation. A violation of this section is a Class E crime.
[PL 2021, c. 631, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 631, §1 (NEW).