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Can you summarize 9-B MERS Section 1225?
MERCHANT BANKS > Insider loans and investments
Short Summary
This legal document pertains to merchant banks and governs the terms of loans and investments made by merchant banks. The document requires merchant banks to disclose the terms of loans or investments to the governing body of the merchant bank in certain situations. These situations include loans or investments made to individuals or entities who own 25% or more of the merchant bank’s common stock or similar equity capital, members of the governing body of the merchant bank, policy-making officers or managers of the merchant bank, or companies where 25% of the voting shares or other similar voting equity is owned by individuals or entities listed in the previous situations. The document does not mention any specific exemptions or penalties for non-compliance.
Whom does it apply to?
Merchant banks
What does it govern?
Loans and investments by merchant banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maine