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9-B §1225. Insider loans and investments

9-B ME Rev Stat § 1225 (2019) (N/A)
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§1225. Insider loans and investments

The terms of any loans by a merchant bank to or investments by a merchant bank in any of the following must be disclosed to the governing body of the merchant bank:   [PL 1997, c. 398, Pt. J, §2 (NEW).]

1.  Percentage of common stock.  A person who owns 25% or more of the merchant bank's common stock or similar equity capital;

[PL 1997, c. 683, Pt. A, §3 (AMD).]

2.  Member of governing body.  A member of the governing body of the merchant bank;

[PL 1997, c. 398, Pt. J, §2 (NEW).]

3.  Policy-making officer or manager.  A policy-making officer or manager of the merchant bank; or

[PL 1997, c. 398, Pt. J, §2 (NEW).]

4.  Percentage of voting shares owned by certain person or entity.  A company 25% of the voting shares or other similar voting equity of which is owned by a person or entity listed in subsections 1 to 3.

[PL 1997, c. 398, Pt. J, §2 (NEW).]

SECTION HISTORY

PL 1997, c. 398, §J2 (NEW). PL 1997, c. 683, §A3 (AMD).

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9-B §1224. Business of merchant banks; power; limitations
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9-B §1226. Holding companies of merchant banks