Is Your Maine Nonprofit Corporation a Public Benefit Corporation or Mutual Benefit Corporation?
Effective January 1, 2003, each new Maine Nonprofit Corporation
must designate whether it is a public benefit corporation or mutual benefit
corporation when filing a Certificate of Organization or Articles of Organization
with the Maine Secretary of State. In addition, nonprofit corporations already
in existence must provide this information prior to January 1, 2004 by filing
one of the following documents: Articles of Amendment, Restated Articles
of Incorporation, Articles of Merger, an Annual Report or Certificate of
Organization. Any nonprofit corporation that fails to make this designation
will be considered a public benefit corporation unless a contrary designation
is filed.
The new forms reflecting the public benefit corporation or mutual benefit
corporation will soon be available in the Forms Library on www.incspot.com.
For more information about the new nonprofit corporation filing requirements,
including the definition and common examples of a "public benefit corporation"
or "mutual benefit corporation," go to http://www.state.me.us/sos/cec/corp/jan12003.htm
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