Maine § 385. - Duties of board
Full text of Maine Maine Revised Statutes § 385. — Duties of board, with citation guidance and answers to common questions.
§ 385.. Duties of board
The board has the following powers and duties. [PL 1995, c. 699, §3 (NEW).]
1. Receipt of money and property. The board may accept and receive gifts, grants, investments, bequests or devises from any source, including funds from the Federal Government or any subdivision of the Federal Government.
2. Administer program. The board must administer the Small Enterprise Growth Program and may contract with the Finance Authority of Maine, financial institutions, educational institutions, business enterprises, nonprofit institutions and organizations or individuals for such assistance in administering the program as the board may require.
3. Ownership interests. The board may hold an ownership interest in a private enterprise when it is determined by the board that such an interest is necessary or desirable in order for the fund to obtain a reasonable return on its investment in the private enterprise.
4. Rules. The board may adopt rules, in accordance with the Maine Administrative Procedure Act, to carry out this chapter.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 385.
What does Maine Revised Statutes § 385. cover?
Section 385. ("Duties of board") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 385.?
A common citation format is "Maine Revised Statutes § 385." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 385. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.