§ 3312. Voluntary surrender of Bidco license.
§ 3312. Voluntary surrender of Bidco license. (a) Upon approval of a two-thirds vote of its board of directors and after complying with subsection (b) of this section, a licensee may apply to the Commissioner to have the Commissioner accept the surrender of the license of such licensee. If the Commissioner determines that the requirements […]
§ 3402. Preneed payments and increment as trust funds; disbursement of funds; exceptions.
§ 3402. Preneed payments and increment as trust funds; disbursement of funds; exceptions. (a) All payments of money made to any person, partnership, association or corporation upon any agreement or contract, or any series or combination of agreements or contract, but not including the furnishing of cemetery lots or mausoleums, which has for a purpose […]
§ 3321. Office.
§ 3321. Office. (a) A licensee shall maintain not less than 1 office in the State. (b) Each office of a licensee, whether within or outside of the State, shall be located in a place which is reasonably accessible to the public. (c) A licensee shall maintain at each of its offices personnel who are […]
§ 3322. Business of a Bidco.
§ 3322. Business of a Bidco. (a) The business of a licensee shall be the business of providing financing assistance and management assistance to business firms. (b) A licensee may determine the structure and the terms and conditions for financing assistance provided by that licensee to a business firm including, but not limited to, structures […]
§ 3323. Control of business firm prohibited; exceptions.
§ 3323. Control of business firm prohibited; exceptions. (a) Either by itself or in concert with 1 or more of its directors, officers, principal shareholders or affiliates, 1 or more other licensees or 1 or more directors, officers, principal shareholders or affiliates of another licensee or licensees, a licensee shall not hold control of a […]
§ 3324. Business of Bidco to be conducted in prudent business manner.
§ 3324. Business of Bidco to be conducted in prudent business manner. (a) A licensee shall transact its business in a prudent business manner and shall maintain itself in a viable condition. (b) In determining whether a licensee is transacting business in a prudent business manner, the Commissioner shall not consider the risk of the […]
§ 3325. Avoidance of conflict of interest.
§ 3325. Avoidance of conflict of interest. (a) A licensee shall avoid any transaction or act which involves, or has the potential to involve, a conflict of interest, unless such transaction or act and the circumstances underlying the conflict or potential conflict of interest are fully and adequately disclosed to appropriate persons. (b) Notwithstanding subsection […]
§ 3331. General rules.
§ 3331. General rules. (a) Without the prior approval of the Commissioner, a licensee shall not consummate a transaction involving a merger, acquisition of control or a sale of all or substantially all of its business assets, where the licensee is a principal party to such transaction. (b) The Commissioner shall not approve the merger […]
§ 3341. Form and maintenance of Bidco records; annual audited report.
§ 3341. Form and maintenance of Bidco records; annual audited report. (a) A licensee shall make and keep books, accounts and other records in such form and manner as the Commissioner may require. Such records shall be kept at such place and shall be preserved for such length of time as the Commissioner may specify. […]
§ 3342. Periodic report requirements.
§ 3342. Periodic report requirements. In addition to the audited report required by § 3341(b) of this title, a licensee shall file with the Commissioner such other reports and at such times as the Commissioner may require. Any report required by the Commissioner under this section shall be in such form and shall contain such […]