Maine § 194-D. - Conversion transactions less than $50,000
Full text of Maine Maine Revised Statutes § 194-D. — Conversion transactions less than $50,000, with citation guidance and answers to common questions.
§ 194-D.. Conversion transactions less than $50,000
A public charity shall provide written notice to the Attorney General of its intent to enter into a conversion transaction if the value of the transaction is less than $50,000. The notice must include the name of the public charity, the value of the assets to be converted and the entity to which the assets will be transferred. Twenty days after providing notice to the Attorney General in accordance with this section, the public charity is deemed to be in compliance with section 194‑C and this section unless the Attorney General notifies the public charity within those 20 days that the value of the transaction is $50,000 or more or that the filing otherwise fails to comply with this section. [PL 2001, c. 550, Pt. A, §2 (NEW).]
The Attorney General is not required to take any action on notices received under this section, except that, upon request of a public charity that has properly provided notice under this section, the Attorney General shall issue a letter indicating that the public charity has complied with its obligation under this section, section 194‑C and sections 194‑E to 194‑H. [PL 2001, c. 550, Pt. A, §2 (NEW).]
Frequently Asked Questions About Maine § 194-D.
What does Maine Revised Statutes § 194-D. cover?
Section 194-D. ("Conversion transactions less than $50,000") 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-D.?
A common citation format is "Maine Revised Statutes § 194-D." (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-D. 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.