Maine Revised Statutes Title 35-A Sec. 910 – Consent required for change of capital or purposes
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1. Change of capital. No public utility may without the consent of the commission:
A. Decrease its capital; [PL 1987, c. 141, Pt. A, §6 (NEW).]
B. Declare any stock, bond or scrip dividend; or [PL 1987, c. 141, Pt. A, §6 (NEW).]
C. Divide the proceeds of the sale of its own or any stock, bonds or scrip among stockholders. [PL 1987, c. 141, Pt. A, §6 (NEW).]
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 910
- Commission: means the Public Utilities Commission. See Maine Revised Statutes Title 35-A Sec. 102
- Public utility: includes every gas utility, natural gas pipeline utility, transmission and distribution utility, telephone utility, water utility and ferry, as those terms are defined in this section, and each of those utilities is declared to be a public utility. See Maine Revised Statutes Title 35-A Sec. 102
2. Change of purpose. No change of purposes of a public utility, unless specifically chartered, becomes effective until:
A. Approved by the commission; and [PL 1987, c. 141, Pt. A, §6 (NEW).]
B. A certificate of approval is filed with the Secretary of State within 20 days of the date it is approved. [PL 1987, c. 141, Pt. A, §6 (NEW).]
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).