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(7) The charitable trust must have in place procedures | | and policies to prohibit conflicts of interest, including | | those associated with grant-making activities that may | | benefit the converted stock insurer, its affiliates, any | | person who owns or controls any ownership interest in | | either the converted stock insurer or its affiliates and | | any directors or officers of the converted stock insurer | | or its affiliates. |
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| | | Sec. 6. 5 MRSA §194-A, sub-§5, ¶D, as enacted by PL 1997, c. 344, §1, | | is amended to read: |
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| | | D. In approving, disapproving or approving with | | modification the charitable trust plan, the Superior Court | | may not review or decide the fair market value of the | | organization, including the methodologies for determining, | | allocating and transferring the fair market value of the | organization, the methodology for allocating and | transferring to the owners the ownership interest identified | in the statement of ownership interests and charitable | purposes approved by the Superior Court or the fair market | value of the organization | | way limit the appeal rights of any person under the Maine | | Rules of Civil Procedure, Rule 80(c) or under the Maine | | Administrative Procedure Act from the superintendent's final | | agency action on these matters pursuant to Title 24, section | | 2301, subsection 9-D. |
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| | | Sec. 7. 5 MRSA §194-A, sub-§6, as enacted by PL 1997, c. 344, §1, is | | amended to read: |
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| | | 6. Modified charitable trust plan required for a material | | change in form. An organization shall notify the Attorney | | General and the superintendent of the organization's intent to | | engage in any transaction described in subsection 1, paragraph I | | at least 60 days prior to engaging in that transaction. Upon the | | superintendent's or the Attorney General's determination that a | | transaction described in subsection 1, paragraph I is a material | | change in form, notice must be given to the organization and the | | Attorney General or superintendent, as applicable. Within 90 | | days after the superintendent or the Attorney General issues a | | notice of the determination that a transaction described in | | subsection 1, paragraph I is a material change in form, other | | than through conversion to a domestic stock insurer pursuant to | | Title 24, section 2301, subsection 9-D, the Attorney General | | shall file an action in Superior Court under the Attorney | | General's charitable authority requesting the court to order the | | organization to submit to the superintendent, the court and the | | Attorney General a modified charitable trust plan containing the |
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