{"data":{"id":"us-me/13-b-m.r.s.-1406","jurisdiction":"us-me","citation":"13-B M.R.S. §1406","heading":"Public and mutual benefit corporation","body":"1.  Public benefit corporation.  A domestic corporation subject to this Act is a public benefit corporation if:\nA.  It is designated a public benefit corporation by statute;\nB.  It is recognized as exempt under the Internal Revenue Code, Section 501(c)(3) or any successor provision;\nC.  Pursuant to its articles of incorporation or its bylaws or by statute, it:\n(1)  Is organized for a public or charitable purpose; and\n(2)  Upon dissolution must distribute its assets to a public benefit corporation, the United States, a state, or a person that is recognized as exempt under the Internal Revenue Code, Section 501(c)(3) or any successor provision; or\nD.  It elects to be a public benefit corporation in accordance with subsection 3 or section 403, subsection 1, paragraph A‑1.\n2.  Mutual benefit corporation.  A domestic corporation other than one described in subsection 1 is a mutual benefit corporation.\n3.  Filings by corporation existing on effective date.  Not later than January 1, 2004, a domestic corporation in existence on January 1, 2003 shall specify on a filing with the Secretary of State whether it is a public benefit corporation or a mutual benefit corporation.\nA.  The specification may be made on an annual report, on an amendment or restatement of articles of incorporation or on articles of merger, conversion or domestication.\nB.  A corporation that fails to comply with this subsection is a public benefit corporation until proper filing is made.","path":["TITLE 13-B: MAINE NONPROFIT CORPORATION ACT","CHAPTER 14: FEES"],"source_url":"https://legislature.maine.gov/statutes/13-B/title13-Bsec1406.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:27Z","sha256":"d873292cf4a8acd5e767056276bf82c5093ba244e97fb96813fa5261311547eb","source_id":"us-me","stale":false,"prev":"us-me/13-b-m.r.s.-1405","next":"us-me/13-c-m.r.s.-101"},"notice":"GroundRules: Original legal text. Not legal advice."}