35-A M.R.S. §910: Consent required for change of capital or purposes

1. Change of capital. No public utility may without the consent of the commission:

A. Decrease its capital;

B. Declare any stock, bond or scrip dividend; or

C. Divide the proceeds of the sale of its own or any stock, bonds or scrip among stockholders.

2. Change of purpose. No change of purposes of a public utility, unless specifically chartered, becomes effective until:

A. Approved by the commission; and

B. A certificate of approval is filed with the Secretary of State within 20 days of the date it is approved.