Maine § 194-K. - Penalties
Full text of Maine Maine Revised Statutes § 194-K. — Penalties, with citation guidance and answers to common questions.
§ 194-K.. Penalties
1. Attorney General to bring action. The Attorney General may initiate an action in Superior Court to:
A. Void a conversion transaction pursuant to subsection 2. Such an action may be brought in Superior Court in Kennebec County or in the county in which the assets of the public charity to be transferred are located; [PL 2001, c. 550, Pt. A, §2 (NEW).]
B. Seek a civil penalty against an individual pursuant to subsection 3. Such an action must be brought in the Superior Court of Kennebec County or in the county in which the individual resides; and [PL 2001, c. 550, Pt. A, §2 (NEW).]
C. Obtain on behalf of the public charity the return or repayment of any property or consideration received as private inurement or an excess benefit in violation of Title 13‑B standards. [PL 2001, c. 550, Pt. A, §2 (NEW).]
2. Transaction voidable. The Superior Court may void a conversion transaction entered into in violation of applicable provisions of sections 194‑C to 194‑H. If the court voids the transaction, it may also grant any orders necessary to restore the public charity to its former position, including removing the board of the public charity or voiding contracts.
3. Penalties against individuals. An individual officer, director, trustee or manager in a position to exercise substantial influence over the affairs of a public charity is subject to a civil penalty if that person, in violation of the standards established under Title 13‑B for conduct by directors or officers or for avoiding conflicts of interest:
A. Receives property or consideration from the public charity that constitutes private inurement; or [PL 2001, c. 550, Pt. A, §2 (NEW).]
B. Receives excess benefits that exceed the fair market value of anything provided in return. [PL 2001, c. 550, Pt. A, §2 (NEW).]
The civil penalty under this subsection may be an amount up to 100% of the excess benefit or private inurement received and may be recovered in addition to costs and fees incurred by the Attorney General in bringing the action.
Frequently Asked Questions About Maine § 194-K.
What does Maine Revised Statutes § 194-K. cover?
Section 194-K. ("Penalties") 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 § 194-K.?
A common citation format is "Maine Revised Statutes § 194-K." (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 § 194-K. 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.