This bill amends the provisions of law governing the Maine Space Corporation, which in current law is a body corporate and politic with the powers and duties of a corporation under the Maine Business Corporation Act. The bill amends these provisions by designating the Maine Space Corporation a nonprofit corporation with public and charitable purposes and the powers and duties of a nonprofit corporation under state law. The bill specifies that the duties, activities and operations of the corporation must align with the requirements of the United States Internal Revenue Code of 1986, Section
501(c)(3). The bill clarifies that the Maine Space Corporation is a quasi-independent state entity and when exercising the powers conferred to it under state law, the corporation is deemed to act as an instrumentality of the State conducting an essential governmental function. The bill requires that the corporation's organizing document contain a provision that requires, upon dissolution of the corporation, that funds, assets and other property of the
42 corporation be used for an exempt purpose under the United States Internal Revenue Code
43 of 1986, Section 501(c)(3) or transferred to the State for a public purpose. The bill
44 establishes a provision that allows certain records of the corporation containing trade
45 secrets or proprietary information to be exempt from public records requirements and to be
46 held confidential. The bill also clarifies that as long as the quorum and voting requirements are met, a vote of the board is not invalidated due to a vacancy on the board.

Statutes affected:
Bill Text ACTPUB , Chapter 258: 5.13201, 5.13203, 5.13210