Stock for organization purposes

  1. Law
  2. Maine Revised Statutes
  3. PUBLIC UTILITIES
  4. PUBLIC UTILITIES COMMISSION
  5. APPROVAL OF STOCKS, BONDS AND NOTES BY PUBLIC UTILITIES COMMISSION
  6. Stock for organization purposes

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§909. Stock for organization purposes

Any public utility corporation at the time of its organization may issue for organization purposes, without the consent of the commission, not more than 6 shares of stock at par for cash or, if non-par stock, for the consideration of $100 per share, these shares when issued to be a part of the total capital issue.   [PL 1987, c. 141, Pt. A, §6 (NEW).]

SECTION HISTORY

PL 1987, c. 141, §A6 (NEW).


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