LD1863

Amends Maine Space Corporation laws to establish it as a nonprofit corporation with public and charitable purposes.

The bill amends the Maine Space Corporation's governing laws, establishing it as a nonprofit corporation with public and charitable purposes. It specifies that the corporation must operate under the requirements of the United States Internal Revenue Code of 1986, Section 501(c)(3). The corporation is deemed a quasi-independent state entity and an instrumentality of the State when exercising its powers. The bill also allows certain records containing trade secrets or proprietary information to be exempt from public records requirements and held confidential.