Maine § 9-B §1225 Insider loans and investments

Maine Statutes

§ 9-B §1225 — Insider loans and investments

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 12 SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS·Ch. 122 MERCHANT BANKS

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:

1.Percentage of common stock. A person who owns 25% or more of the merchant bank's common stock or similar equity capital;

2.Member of governing body. A member of the governing body of the merchant bank;

3.Policy-making officer or manager. A policy-making officer or manager of the merchant bank; or

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.

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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:
1.
Percentage of common stock.
A person who owns 25% or more of the merchant bank's common stock or similar equity capital;
2.
Member of governing body.
A member of the governing body of the merchant bank;
3.
Policy-making officer or manager.
A policy-making officer or manager of the merchant bank; or
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.

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