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defined and regulated under Title 7, chapter 3 4, or military | activities. It shall does not apply to persons, associations, | corporations, trusts or partnerships licensed under Title 8, | chapters 11 and 19. |
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| | Sec. 16. 36 MRSA §652, sub-§1, śC, as amended by PL 2001, c. 596, Pt. | B, §24 and affected by §25 and amended by PL 2003, c. 689, Pt. B, | §6, is further amended to read: |
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| C. Further conditions to the right of exemption under | paragraphs A and B are that: |
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| (1) Any corporation claiming exemption under paragraph | A must be organized and conducted exclusively for | benevolent and charitable purposes; |
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| (2) A director, trustee, officer or employee of an | organization claiming exemption is not entitled to | receive directly or indirectly any pecuniary profit | from the operation of that organization, excepting | reasonable compensation for services in effecting its | purposes or as a proper beneficiary of its strictly | benevolent or charitable purposes; |
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| (3) All profits derived from the operation of an | organization claiming exemption and the proceeds from | the sale of its property are devoted exclusively to the | purposes for which it is organized; |
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| (4) The institution, organization or corporation | claiming exemption under this subsection shall file | with the tax assessors upon their request a report for | its preceding fiscal year in such detail as the tax | assessors may reasonably require; |
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| (5) An exemption is not allowed under this subsection | in favor of an agricultural fair association holding | pari-mutuel racing meets unless it has qualified the | next preceding year as a recipient of a stipend from | the "Stipend Fund" provided in Title 7, section 62 86; |
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| (6) An exemption allowed under paragraph A or B for real or | personal property owned and occupied or used to provide federally | subsidized residential rental housing is limited as follows: | Federally subsidized residential rental housing placed in service | prior to September 1, 1993 by other than a nonprofit housing | corporation that is acquired on or after September 1, 1993 by a | nonprofit housing corporation and the operation of which is not | an unrelated trade or |
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