D.__The board shall report annually to the Legislature by February 15th of each year, describing the amount and purpose of each grant made.

6.__Administration of the board.__The Governor shall name one of the members to serve as administrative head of the board.__Funds for operation of the board may be provided from the General Fund.

SUMMARY

This bill creates the State Board of Corporate Ethics to make grants to promote better corporate ethics. The board makes grants from a fund created by fines and penalties collected by the State for violations of the Maine Unfair Trade Practices Act, the Revised Maine Securities Act or laws providing penalties for fraudulent conduct.