Title 10, Title 10

The Board of Directors of the Maine Development Foundation, referred to in this chapter as "the board of directors," consists of a minimum of 15 directors elected or appointed to serve in that capacity in accordance with this section. The board of directors shall annually determi…

The Maine Development Foundation is empowered to: [PL 1977, c. 548, §1 (NEW).] 1. Suit. Sue or be sued in its own name; 2. Application for and receipt of funds. Apply for and receive funds from any private source or governmental entity, whether by way of grant, donation or loan o…

The foundation, notwithstanding the foregoing, shall have no power or authority to enter into contracts, obligations or commitments of any kind on behalf of the State or any of its agencies, nor shall it have the power of eminent domain or any other power not provided to business…

All officers, directors, employees and other agents of the foundation entrusted with the custody of the securities of or authorized to disburse the funds of the foundation shall be bonded, either by a blanket bond or by individual bonds, with a surety bond or bonds with a minimum…

No officer, director or employee of the foundation or their spouses or dependent children shall receive any direct personal benefit from the activities of the foundation in assisting any private entity. This provision shall not prohibit corporations or other entities with which a…

The State of Maine, through the Governor, may accept donations, bequests, devises, grants or other interests of any nature on behalf of the foundation and transfer such funds, property or other interests to the foundation.

The foundation shall provide an annual report and an independent audit of its activities to the Governor, the Legislature, its corporators and members. The foundation shall be subject to such further audit and review as deemed necessary by the Governor or the Legislative Council …

The Maine Development Foundation shall operate as a not-for-profit organization consistent with its composition and broad public purposes. The following conditions shall apply to the operation or dissolution of the foundation. [PL 1977, c. 548, §1 (NEW).] 1. Net earnings of the f…

This chapter shall be construed liberally to effect the interest and purposes of the foundation for an improved economic development effort in the State and shall be broadly interpreted to effect such intent and purposes and not as a limitation of powers.

In order to provide for the initial organization of the foundation, the Governor shall appoint an organizing committee of 14 persons, 7 of whom must be eligible to be private sector corporators, 5 of whom must be eligible to be public sector corporators and 2 of whom must be stat…

1. The Maine Economic Growth Council; establishment. The Maine Economic Growth Council, referred to in this section and section 929‑B as "the council," is established to develop, maintain and evaluate a long-term economic plan for the State. 2. Membership. The council consists of…

1. Develop a long-term plan for the State's economy. The council shall: A. Develop and recommend a long-range plan, goals, benchmarks and alternative strategies for a sustainable state economy; [PL 1993, c. 410, Pt. MMM, §1 (NEW).] B. Monitor progress in accomplishing the plan's …

The Maine Economic Growth Council, established in section 929‑A, with input from the Office of Innovation, established pursuant to Title 5, section 13105, and the Maine Innovation Economy Advisory Board, under section 949, shall support and track progress toward the goal of incre…