Maine Revised Statutes

§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: [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;
[ 1997, c. 683, Pt. A, §3 (AMD) .]
2. Member of governing body.  A member of the governing body of the merchant bank;
[ 1997, c. 398, Pt. J, §2 (NEW) .]
3. Policy-making officer or manager.  A policy-making officer or manager of the merchant bank; or
[ 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.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
SECTION HISTORY
1997, c. 398, §J2 (NEW). 1997, c. 683, §A3 (AMD).