Maine Revised Statutes Title 32 Sec. 11302 – Enforcement of chapter
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1. Cease and desist order. If the administrator believes, whether or not based upon an investigation conducted under section 11301, that any person has engaged or is about to engage in any act or practice constituting a violation of any rule or order under this chapter, the administrator may:
A. Issue a cease and desist order; or [PL 1985, c. 643 (NEW).]
[PL 1989, c. 542, §76 (AMD).]
Terms Used In Maine Revised Statutes Title 32 Sec. 11302
- Administrator: means the Securities Administrator. See Maine Revised Statutes Title 32 Sec. 11201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Person: means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government or a political subdivision of a government, but does not include, a contract market designated by the Commodity Futures Trading Commission or any clearinghouse of the Commodity Futures Trading Commission or a national securities exchange registered with the United States Securities and Exchange Commission, or any employee, officer or director of such contract market, clearinghouse or exchange acting solely in that capacity. See Maine Revised Statutes Title 32 Sec. 11201
2. Court action. The administrator may institute any of the following actions in the appropriate courts of this State, or in the appropriate courts of another state, in addition to any legal or equitable remedies otherwise available:
A. An action for declaratory judgment; [PL 1985, c. 643 (NEW).]
B. An action for a prohibitory or mandatory injunction to enjoin the violation and to ensure compliance with this chapter or any rule or order of the administrator; [PL 1989, c. 542, §76 (AMD).]
C. An action for disgorgement; or [PL 1985, c. 643 (NEW).]
D. An action for appointment of a receiver or conservator for the defendant or the defendant’s assets. [PL 1985, c. 643 (NEW).]
[PL 1989, c. 542, §76 (AMD).]
SECTION HISTORY
PL 1985, c. 643 (NEW). PL 1989, c. 542, §76 (AMD).