Maine Revised Statutes Title 7 Sec. 93 – Property management
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Terms Used In Maine Revised Statutes Title 7 Sec. 93
- Agricultural society: means a nonprofit organization or association incorporated in the State to promote education and encourage improvement in agriculture. See Maine Revised Statutes Title 7 Sec. 81
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
An agricultural society may acquire and hold property, real and personal. The annual income from this property must be used for the purposes stated in the society’s charter. The treasurer for a society may receive conveyances or leases of property for the society, and hold, sell, mortgage or pledge the property. A treasurer using this authority to manage property shall give bonds to the trustees of the society for safekeeping and the faithful discharge of the treasurer’s duties. [PL 2005, c. 563, §3 (NEW).]
SECTION HISTORY
PL 2005, c. 563, §3 (NEW).