§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).
Structure Maine Revised Statutes
Part 1: PUBLIC UTILITIES COMMISSION
Chapter 9: APPROVAL OF STOCKS, BONDS AND NOTES BY PUBLIC UTILITIES COMMISSION
35-A §901. Issuance of stocks, bonds and notes
35-A §902. Commission authorization required
35-A §903. Stocks sold at less than par value
35-A §904. Approval of stocks authorized, but not issued
35-A §905. Validity of securities issued pursuant to order of commission
35-A §906. Commission authorization not required
35-A §907. Municipal or quasi-municipal corporations
35-A §908. Additional requirements as to issuance
35-A §909. Stock for organization purposes
35-A §910. Consent required for change of capital or purposes