Section 1225 - Insider loans and investmentsThe terms of any loans by a merchant bank to or investments by a merchant bank in any of the following must be disclosed to the governing body of the merchant bank: [1997, c. 398, Pt. J, §2 (NEW).]
1.Percentage of common stock. A person who owns 25% or more of the merchant bank's common stock or similar equity capital; [1997, c. 683, Pt. A, §3 (AMD).]
2.Member of governing body. A member of the governing body of the merchant bank; [1997, c. 398, Pt. J, §2 (NEW).]
3.Policy-making officer or manager. A policy-making officer or manager of the merchant bank; or [1997, c. 398, Pt. J, §2 (NEW).]
4.Percentage of voting shares owned by certain person or entity. A company 25% of the voting shares or other similar voting equity of which is owned by a person or entity listed in subsections 1 to 3. [1997, c. 398, Pt. J, §2 (NEW).]
1997, c. 398, §J2 (NEW) . 1997, c. 683, §A3 (AMD) .