LD 1136
pg. 2
Page 1 of 4 An Act To Amend the Maine Business Corporation Act Page 3 of 4
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LR 698
Item 1

 
B.__Three times the savings realized by the corporation as
a result of the corporation's or a director's failure to
protect the public interest pursuant to subsection 1.

 
4.__Contribution.__A director of a corporation against whom
a suit has been brought pursuant to subsection 1 and who is
found liable is entitled to contributions from every other
director of that corporation who could be held liable under
subsection 3 or any other director who, if sued separately,
would have been liable to make the same payment.

 
5.__Statute of limitations.__An action pursuant to
subsection 1 must begin within 2 years after the discovery of
the damage caused.__An action pursuant to subsection 1 must
begin within 6 years after the time the damage occurred.__An
action may not be brought to enforce any liability under
subsection 1 that accrues prior to January 1, 2017.

 
6.__Controlling person; liability.__A person who, through
stock ownership, agency or otherwise, or who, under an
agreement with one or more other persons through stock
ownership, agency or otherwise, controls a person liable under
subsection 1 is also jointly and severally liable to the same
extent as the controlled person, unless the controlling person
had no knowledge of or reasonable grounds to believe in the
existence of the facts by reason of which the controlled
person is liable.

 
For purposes of this subsection, the term "control," including
the terms "controls," "controlled" and "controlling," means
the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a
person, whether through stock ownership, agency or otherwise.

 
7.__Attorney general; bring action.__Whenever it appears to
the Attorney General that a corporation or director of a
corporation is engaged or about to engage in an act or
practice that constitutes or will constitute a violation of
the provisions of subsection 1, the Attorney General may in
the Attorney General's discretion bring an action in an
appropriate court to enjoin such act or practice and, upon a
proper showing, a permanent or temporary injunction or
restraining order may be granted without bond.

 
Whenever it appears to the Attorney General that a corporation
or director of a corporation has violated the provisions of
subsection 1, the Attorney General may bring an action in
court, and the court has jurisdiction to impose, upon a proper
showing, a civil penalty on the corporation or director who
committed the violation.__The penalty is payable to the State.


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