LD 509, Page 175 - 122th Legislature, FIRST REGULAR Session

any provision of this chapter or any rule or order adopted or

issued by the administrator pursuant to this chapter, every person

who directly or indirectly controls another person liable for the

violation, every partner, officer or director of that other person,

every person occupying a similar status or performing similar

functions, every employee of that other person who materially aids

in the act or transaction constituting the violation and every

broker-dealer, agent, investment adviser or investment adviser

representative who materially aids in the act or transaction

constituting the violation is liable to the same extent as that

other person, unless the person otherwise secondarily liable under

this chapter proves that the person did not know, and in the

exercise of reasonable care could not have known, of the existence

of the facts by reason of which the liability is alleged to exist.

Any of the remedies authorized by section 16603, subsection 2 may

be granted with respect to a person secondarily liable under this

section. This section is not intended to abrogate any right to

contribution that may exist at common law with respect to an award

of restitution.

Maine Comments

1. In the model Uniform Securities Act, Section 612 was a
severability provision that was not necessary in Maine because of
the general severability section in Title 1 of the Maine Revised
Statutes.

2. Section 16612: Maine has added this section based on a
provision in the Revised Maine Securities Act, section 10602(3),
allowing for control person liability in administrative
proceedings and in civil actions brought by the Attorney General.

§16613.__Administrative determination of abandonment

A pending license application, registration statement,
exemption filing or notice filing may be considered abandoned if
the administrator has not received a response to inquiries or
deficiency notices for a period of at least 120 days. The
administrator shall send an abandonment notice to the last known
address of the applicant or filer. The applicant or filer must
respond to the abandonment notice within 30 days to avoid an
abandonment determination. The abandonment of an application does
not preclude the filing of a subsequent application for
licensing, registration statement, exemption filing or notice
filing.

Maine Comment

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