What Is the Difference Between Prior Approval and Open Rating

question 62

Essay

What is the difference between prior approval and open rating laws?

---

Definitions:

Note Payable

A written promise to pay a specified sum of money, plus interest, to a creditor at a future date.

Cash

A form of currency that includes coins and paper notes, used by companies to conduct transactions or stored as part of their liquid assets.

Acquisition

The process of obtaining control of another corporation, either through purchase or merger.

Shares of Stock

Ownership units in a corporation that represent a claim on part of the corporation's assets and earnings.