§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).