An officer, director or employee of the institute or a spouse or dependent child of any of those individuals may not receive any direct personal benefit from the activities of the institute in assisting any private entity.__This section does not prohibit corporations or other entities with which an officer or director is associated by reason of ownership or employment from participating in science and technology activities with the institute if ownership or employment is made known to the board and the officer or director abstains from voting on matters relating to that participation.__This prohibition does not extend to corporators who are not officers or directors of the institute.

§15308.__General conditions; dissolution

The institute shall operate as a nonprofit organization consistent with its composition and broad public purposes.__The following conditions apply to the operation or dissolution of the institute.

1.__Net earnings of institute.__No part of the net earnings of the institute may benefit any member, officer, director or employee except that the institute may pay reasonable compensation for services rendered and otherwise hold, manage and dispose of its property in furtherance of the purposes of the institute.

2.__Dissolution of institute.__The institute and its corporate existence are terminated on December 31, 2006.__On that date, all property purchased with General Fund money and unexpended General Fund appropriations must be transferred to the State before paying or making provision for the payment of all other liabilities of the institute.__All other property and unexpended funds must be handled according to the provisions outlined in the bylaws of the institute.

§15309.__Liberal construction

This chapter must be construed liberally to effect the interest and purposes of the institute for an improved science and technology capacity-building effort in the State and must be broadly interpreted to effect that intent and those purposes.

Sec. K-4. 10 MRSA §947, sub-§3, as enacted by PL 1997, c. 556, §3, is amended to read:

3. Target areas. "Target areas" mean means the following economic sectors targeted technologies identified in Title 5, chapter 407 for which applied research and development is