Order UE93-05 - UE21309 - Maritime Electric - Consumer and Employee Share Purchase Plans (Mar 1, 1993)

Docket UE21309
Order UE93-5

IN THE MATTER of the application of Maritime Electric Company, Limited for approval of the issue of additional common shares under its Consumer Share Purchase Plan and its Employee Share Purchase Plan, and for approval of an amendment to the terms of the Consumer Share Purchase Plan.

BEFORE THE COMMISSION

on Monday, the 1st day of March, 1993.

Linda Webber, Chairman
John L. Blakney, Vice-Chairman

Order

UPON the application of Maritime Electric Company, Limited (the "Company") for approval of the issue and sale of:

an additional 118,000 common shares to be sold under the Maritime Electric Consumer Share Purchase Plan; and

an additional 40,000 common shares to be sold under the Maritime Electric Employee Share Purchase Plan.

and, for approval of an amendment to the terms under which the Consumer Share Purchase Plan is administered to eliminate the current $4,000 per quarter limit on investment in the plan and substitute therefor a $30,000 yearly limit;

AND UPON it appearing to the Commission that the proposals are within the best interests of the Company and its customers

NOW THEREFORE, pursuant to Section 12 of the Electric Power and Telephone Act;

IT IS ORDERED THAT:

1. Approval is granted to the Company for an additional allotment of:

118,000 common shares under the Consumer Share Purchase Plan; and

40,000 common shares under the Employee Share Purchase Plan.

2. Approval is granted to amend the terms under which the Consumer Share Purchase Plan is administered to eliminate the current $4,000 per quarter limit on investment in the plan and substitute therefor a $30,000 annual limit.

DATED at Charlottetown, Prince Edward Island, this 1st day of March, 1993.

BY THE COMMISSION:

Linda Webber, Chairman

John L. Blakney, Vice-Chairman