§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).