(a) The corporate name of a licensee must include the word “BIDCO” or “Bidco” and must be distinguishable on the records of the department from the name of any other organized entity and from a reserved or registered name. A licensee may not transact business under a name other than its corporate name. In this […]
(a) The board of directors of a licensee must have at least seven directors. (b) The board of directors shall hold at least one meeting each calendar quarter.
Within 30 days of each of the following events, the licensee shall notify the department in writing of the event and provide any additional information that the department requires: (1) the death, resignation, or removal of a director or officer; (2) the election of a director; or (3) the appointment of an officer.
(a) A licensee may not pay or obligate itself to pay a cash dividend or dividend in kind to the licensee’s shareholders unless the payment is consistent with a dividend policy that has been adopted by the licensee and approved by the department. (b) When approving dividend policies under this section, the department shall consider […]
A licensee may not buy back or obligate itself to buy back a share of equity interest from a shareholder without the prior approval of the department.
