Maine Revised Statutes

§802. Qualifications of directors

1. General.  The corporation's articles of incorporation or bylaws may prescribe qualifications for directors or for nominees for directors.
[ 2015, c. 259, §12 (NEW) .]
2. Residency, shareholder.  A director need not be a resident of this State or a shareholder of the corporation unless the articles of incorporation or bylaws so prescribe.
[ 2015, c. 259, §12 (NEW) .]
3. Timing and application of nominee qualifications.  A qualification for nomination for director prescribed before a person's nomination applies to such person at the time of nomination. A qualification for nomination for director prescribed after a person's nomination does not apply to such person with respect to such nomination.
[ 2015, c. 259, §12 (NEW) .]
4. Timing and application of director qualifications.  A qualification for director prescribed before the start of a director's term applies only at the time an individual becomes a director or may apply during a director's term. A qualification prescribed during a director's term does not apply to that director before the end of that term.
[ 2015, c. 259, §12 (NEW) .]
SECTION HISTORY
2001, c. 640, §A2 (NEW). 2001, c. 640, §B7 (AFF). 2015, c. 259, §12 (RPR).