Maine Revised Statutes Title 32 Sec. 16201 – Exempt securities
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The following securities are exempt from the requirements of sections 16301 to 16306 and section 16504: [PL 2005, c. 65, Pt. A, §2 (NEW).]
1. United States Government, state and municipal securities. A security, including a revenue obligation or a separate security as defined in 17 Code of Federal Regulations, 230.131 adopted under the federal Securities Act of 1933, issued, insured or guaranteed by the United States; by a state; by a political subdivision of a state; by a public authority, agency or instrumentality of one or more states; by a political subdivision of one or more states; or by a person controlled or supervised by and acting as an instrumentality of the United States under authority granted by the Congress; or a certificate of deposit for any of the foregoing;
[PL 2005, c. 65, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16201
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Bank: means :
A. See Maine Revised Statutes Title 32 Sec. 16102Contract: A legal written agreement that becomes binding when signed. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Depository institution: means :
A. See Maine Revised Statutes Title 32 Sec. 16102Evidence: 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. Federal covered security: means a security that is, or upon completion of a transaction will be, a covered security under Section 18(b) of the federal Securities Act of 1933, 15 United States Code § 77r(b) or rules or regulations adopted pursuant to that provision. See Maine Revised Statutes Title 32 Sec. 16102 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fiduciary: A trustee, executor, or administrator. Guaranteed: means guaranteed as to payment of all or substantially all of principal and interest or dividends. See Maine Revised Statutes Title 32 Sec. 16102 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Insurance company: means a company organized as an insurance company whose primary business is writing insurance or reinsuring risks underwritten by insurance companies and that is subject to supervision by the Superintendent of Insurance or a similar official or agency of a state. See Maine Revised Statutes Title 32 Sec. 16102 Insured: means insured as to payment of all or substantially all principal and interest or dividends. See Maine Revised Statutes Title 32 Sec. 16102 International banking institution: means an international financial institution of which the United States is a member and whose securities are exempt from registration under the federal Securities Act of 1933. See Maine Revised Statutes Title 32 Sec. 16102 Issuer: means a person that issues or proposes to issue a security, subject to the following:
A. See Maine Revised Statutes Title 32 Sec. 16102Obligation: 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. Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 32 Sec. 16102 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Sale: includes every contract of sale of, contract to sell or disposition of a security or interest in a security for value. See Maine Revised Statutes Title 32 Sec. 16102 Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Maine Revised Statutes Title 32 Sec. 16102 Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; investment in a viatical or life settlement contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas or other mineral rights; documents of title to or certificates of interest or participation in an oil, gas or other mineral title or lease or in payments out of production under any title, lease, right or royalty; put, call, straddle, option or privilege on a security, certificate of deposit or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of or warrant or right to subscribe to or purchase any of the foregoing. See Maine Revised Statutes Title 32 Sec. 16102 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 32 Sec. 16102 Statute: A law passed by a legislature. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Foreign government securities. A security issued, insured or guaranteed by a foreign government with which the United States maintains diplomatic relations, or any of its political subdivisions, if the security is recognized as a valid obligation by the issuer, insurer or guarantor;
[PL 2005, c. 65, Pt. A, §2 (NEW).]
3. Depository institution and international banking institution securities. A security issued by and representing or that will represent an interest in or a direct obligation of or be guaranteed by:
A. An international banking institution; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. A banking institution organized under the laws of the United States; a member bank of the Federal Reserve System; or a depository institution, a substantial portion of the business of which consists or will consist of receiving deposits or share accounts that are insured to the maximum amount authorized by statute by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or a successor authorized by federal law or exercising fiduciary powers that are similar to those permitted for national banks under the authority of the Comptroller of Currency pursuant to Section 1 of United States Public Law 87-722, 12 United States Code § 92a or a holding company of such a depository institution; or [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. Any other depository institution, unless by rule or order the administrator proceeds under section 16204; [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
4. Insurance company securities. A security issued by and representing an interest in, or a debt of, or insured or guaranteed by an insurance company authorized to do business in this State;
[PL 2005, c. 65, Pt. A, §2 (NEW).]
5. Common carriers and public utility securities. A security issued or guaranteed by a railroad, other common carrier, public utility or public utility holding company that is:
A. Regulated in respect to its rates and charges by the United States or a state; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. Regulated in respect to the issuance or guarantee of the security by the United States, a state, Canada or a Canadian province or territory; or [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. A public utility holding company registered under the federal Public Utility Holding Company Act of 1935 or a subsidiary of such a registered holding company within the meaning of that Act; [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
6. Federal covered securities. A federal covered security specified in Section 18(b)(1) of the federal Securities Act of 1933, 15 United States Code § 77r(b)(1) or by rule adopted under that provision or a security listed or approved for listing on another securities market specified by rule under this chapter; a put or a call option contract, a warrant or a subscription right on or with respect to such a federal covered security; or an option or similar derivative security on a security or an index of securities or foreign currencies issued by a clearing agency registered under the federal Securities Exchange Act of 1934 and listed or designated for trading on a national securities exchange, a facility of a national securities exchange or a facility of a national securities association registered under the federal Securities Exchange Act of 1934 or an offer or sale of the underlying security in connection with the offer, sale or exercise of an option or other security that was exempt when the option or other security was written or issued; or an option or a derivative security designated by the Securities and Exchange Commission under Section 9(b) of the federal Securities Exchange Act of 1934, 15 United States Code § 78i(b);
[PL 2005, c. 65, Pt. A, §2 (NEW).]
7. Nonprofit organization securities. A security issued by a person organized and operated exclusively for religious, educational, benevolent, fraternal, charitable, social, athletic or reformatory purposes, or as a chamber of commerce, and not for pecuniary profit, no part of the net earnings of which inures to the benefit of a private stockholder or other person, or a security of a company that is excluded from the definition of an investment company under Section 3(c)(10)(B) of the federal Investment Company Act of 1940, 15 United States Code § 80a?3(c)(10)(B); except that with respect to the offer or sale of a note, bond, debenture or other evidence of indebtedness issued by such a person a rule may be adopted under this chapter limiting the availability of this exemption by classifying securities, persons and transactions and imposing different requirements for different classes;
[PL 2005, c. 65, Pt. A, §2 (NEW).]
8. Cooperatives. A member’s or owner’s interest in, or a retention certificate or like security given in lieu of a cash patronage dividend issued by, a cooperative organized and operated as a nonprofit membership cooperative under the cooperative laws of a state, but not a member’s or owner’s interest, retention certificate or like security sold to persons other than bona fide members of the cooperative; and
[PL 2005, c. 65, Pt. A, §2 (NEW).]
9. Equipment trust certificates. An equipment trust certificate with respect to equipment leased or conditionally sold to a person, if any security issued by the person would be exempt under this section or would be a federal covered security under Section 18(b)(1) of the federal Securities Act of 1933, 15 United States Code § 77r(b)(1).
[PL 2005, c. 65, Pt. A, §2 (NEW).]
Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2?A. [PL 2005, c. 65, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 65, §A2 (NEW).