Maine Revised Statutes

§910. Consent required for change of capital or purposes

1. Change of capital.  No public utility may without the consent of the commission:
A. Decrease its capital; [1987, c. 141, Pt. A, §6 (NEW).]
B. Declare any stock, bond or scrip dividend; or [1987, c. 141, Pt. A, §6 (NEW).]
C. Divide the proceeds of the sale of its own or any stock, bonds or scrip among stockholders. [1987, c. 141, Pt. A, §6 (NEW).]
[ 1987, c. 141, Pt. A, §6 (NEW) .]
2. Change of purpose.  No change of purposes of a public utility, unless specifically chartered, becomes effective until:
A. Approved by the commission; and [1987, c. 141, Pt. A, §6 (NEW).]
B. A certificate of approval is filed with the Secretary of State within 20 days of the date it is approved. [1987, c. 141, Pt. A, §6 (NEW).]
[ 1987, c. 141, Pt. A, §6 (NEW) .]
SECTION HISTORY
1987, c. 141, §A6 (NEW).