Maine Revised Statutes > Title 24-A > Chapter 53 – Reciprocal Insurers
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 53 - Reciprocal Insurers
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Affiliate: means :
A. See Maine Revised Statutes Title 13-C Sec. 1301Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. Appraisal: A determination of property value. Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attorney: as used in this chapter , refers to the attorney-in-fact of a reciprocal insurer. See Maine Revised Statutes Title 24-A Sec. 3855 Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court. Beneficial owner: means any person who, directly or indirectly, through any contract, arrangement or understanding, other than a revocable proxy, has or shares the power to vote, or to direct the voting of, shares; except that a member of a national securities exchange is not considered to be a beneficial owner of securities held directly or indirectly by it on behalf of another person solely because the member is the record holder of the securities if the member is precluded by the rules of the exchange from voting without instruction on contested matters or matters that may affect substantially the rights or privileges of the holders of the securities to be voted. See Maine Revised Statutes Title 13-C Sec. 1301 Beneficial shareholder: means a person who is the beneficial owner of shares held in a voting trust or by a nominee on the beneficial owner's behalf. See Maine Revised Statutes Title 13-C Sec. 1301 Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Bureau: means the Office of MaineCare Services with respect to section 7703 and section 1828. See Maine Revised Statutes Title 22 Sec. 3291 Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A Confidential information: means information deemed confidential by chapters 958?A and 1071, and sections 7703 and 1828. See Maine Revised Statutes Title 22 Sec. 3291 Contract: A legal written agreement that becomes binding when signed. Corporation: means the issuer of the shares held by a shareholder demanding appraisal and, for matters covered in sections 1323 to 1332, includes the surviving entity in a merger. See Maine Revised Statutes Title 13-C Sec. 1301 Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 3291 Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A Director: means the Director of the Office of Child and Family Services with respect to confidential information derived from chapters 958?A and 1071, and the Director of the Office of MaineCare Services or the Director of the Office of Child and Family Services with respect to confidential information derived from section 7703 and the Director of the Office of MaineCare Services with respect to confidential information derived from section 1828. See Maine Revised Statutes Title 22 Sec. 3291 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Excluded shares: means shares acquired pursuant to an offer for all shares having voting power if the offer was made within one year prior to the corporate action for consideration of the same kind and of a value equal to or less than that paid in connection with the corporate action; and [PL 2011, c. See Maine Revised Statutes Title 13-C Sec. 1301 Fair value: means the value of a corporation's shares determined:
A. See Maine Revised Statutes Title 13-C Sec. 1301Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fraud: Intentional deception resulting in injury to another. Hearing officer: means presiding officer, judge, board chair, arbitrator or any other person responsible for conducting a proceeding or hearing subject to this chapter. See Maine Revised Statutes Title 22 Sec. 3291 in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 Interest: means interest from the effective date of a corporate action until the date of payment, at the rate of interest on judgments in this State on the effective date of the corporate action. See Maine Revised Statutes Title 13-C Sec. 1301 Interested person: means a person, or an affiliate of a person, who at any time during the one-year period immediately preceding approval by the board of directors of the corporate action:
(1) Was the beneficial owner of 20% or more of the voting power of the corporation, other than as owner of excluded shares;
(2) Had the power, contractually or otherwise, other than as owner of excluded shares, to cause the appointment or election of 25% or more of the directors to the board of directors of the corporation; or
(3) Was a senior executive or director of the corporation or a senior executive of any affiliate thereof and will receive, as a result of the corporate action, a financial benefit not generally available to other shareholders as such, other than:
(a) Employment, consulting, retirement or similar benefits established separately and not as part of or in contemplation of the corporate action;
(b) Employment, consulting, retirement or similar benefits established in contemplation of, or as part of, the corporate action that are not more favorable than those existing before the corporate action or, if more favorable, that have been approved on behalf of the corporation in the same manner as is provided in section 873; or
(c) In the case of a director of the corporation who will, in the corporate action, become a director of the acquiring entity in the corporate action or one of its affiliates, rights and benefits as a director that are provided on the same basis as those afforded by the acquiring entity generally to other directors of the entity or the affiliate. See Maine Revised Statutes Title 13-C Sec. 1301Interested transaction: means a corporate action described in section 1302, subsection 1, other than a merger pursuant to section 1105, involving an interested person in which any of the shares or assets of the corporation are being acquired or converted. See Maine Revised Statutes Title 13-C Sec. 1301 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Licensing board: means a professional or occupational licensing board that licenses, certifies or registers a person in a profession or occupation which is included in the list of professional and occupational licensing boards in Title 5, section 12004?A. See Maine Revised Statutes Title 22 Sec. 3291 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Minority: when used in reference to age shall mean under the age of 18. See Maine Revised Statutes Title 1 Sec. 72 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Office: means the Office of Child and Family Services with respect to chapters 958?A and 1071. See Maine Revised Statutes Title 22 Sec. 3291 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Preferred shares: means a class or series of shares whose holders have preference over any other class or series of shares with respect to distributions. See Maine Revised Statutes Title 13-C Sec. 1301 Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Quorum: The number of legislators that must be present to do business. Record shareholder: means a person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with the corporation. See Maine Revised Statutes Title 13-C Sec. 1301 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Senior executive: means a chief executive officer, chief operating officer, chief financial officer and anyone in charge of a principal business unit or function. See Maine Revised Statutes Title 13-C Sec. 1301 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Shareholder: means both a record shareholder and a beneficial shareholder. See Maine Revised Statutes Title 13-C Sec. 1301 Statute: A law passed by a legislature. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72