Maine Revised Statutes Title 24-A Sec. 3422 – Purchase of own shares by stock insurer
Current as of: 2023 | Check for updates
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A domestic stock insurer shall have the right to purchase or acquire shares of its own stock only as follows: [PL 1969, c. 132, §1 (NEW).]
1. For elimination of fractional shares.
[PL 1969, c. 132, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 3422
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
2. Incidental to the enforcement of rights of the insurer with respect to lawful transactions previously entered into in good faith for purposes other than the acquisition of such shares.
[PL 1969, c. 132, §1 (NEW).]
3. For the purposes of a general savings and investment plan for employees or agents of the insurer.
[PL 1969, c. 132, §1 (NEW).]
4. For mutualization of the insurer, as provided in section 3472.
[PL 1969, c. 132, §1 (NEW).]
5. For retirement or otherwise of the shares under a plan submitted to and approved in writing by the superintendent. The superintendent may not approve a plan unless found by the superintendent to be reasonable, fair and equitable as to remaining stockholders of the insurer, and not materially adverse to the protection of the insurer’s policyholders.
[RR 2021, c. 1, Pt. B, §280 (COR).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §280 (COR).