Browse 25,400 source-backed statutes, open stored provisions and move directly into source-grounded legal research.
25,400 statutes · page 1258 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A mutual financial institution may reorganize into a mutual holding company, subject to approval and formation requirements, and certain stock issuance, filing, and voting rules apply.
After reorganization, a mutual financial institution continues in existence as a mutual holding company, not a deposit-taking institution.
The superintendent must adopt rules needed to carry out this chapter and to ensure mutual financial institution reorganizations are fair and equitable and protect the subsidiary universal bank’s safety, soundness, and net worth.
All mutual financial institution holding companies are subject to section 1016.
By enactment of this Title, it is declared to be the policy of the State that the business of all financial institutions must be supervised by the Bureau of Financial Institutions in a manner to ensure the strength, stability and
If part of this Title is invalid, the rest still applies if it can work without the invalid part.
A nondepository trust company is a financial institution limited generally to trust or fiduciary matters.
A nondepository trust company must be organized under chapter 31, keep its principal office in Maine, have at least one Maine resident on its governing board, and hold at least one board meeting in Maine each year, unless it was organized before the effective date of this subsection. Its filed organizational documents
The superintendent may require a nondepository trust company to pledge assets and set conditions for how they are held and maintained.
A nondepository trust company must have initial paid-in capital and maintain capital under the cited chapter, section, and rules; the superintendent may set different maintenance requirements.
A nondepository trust company may do trust-company business and related activities, but it cannot take deposits or lend money except in limited fiduciary/trust-related transactions. It also has naming rules and may open additional offices without superintendent approval.
A holding company of a nondepository trust company is generally not subject to chapter 101, except for specified section 1013 and related section 1015 application requirements. The superintendent may also examine the holding company and related entities when needed to assess the trust company’s soundness and viability.
The superintendent may make rules for nondepository trust companies and for carrying out this chapter.
The Bureau of Financial Institutions is created under this Title and administers this Title’s provisions; when a financial institution is the creditor, it also administers the Maine Consumer Credit Code.
Merchant banks are limited mainly to lending, investing, and trust or fiduciary matters, and deposit activity is prohibited.
Merchant banks must be organized and governed under specified Maine law, keep their principal office in Maine unless grandfathered, include at least one Maine resident on the governing board, hold one governing board meeting in Maine each year, and include an unamendable statutory notice in filed organizational documen
The superintendent may require a merchant bank to pledge readily marketable assets, and can set conditions, approve storage, and later lift the requirement.
A merchant bank must hold initial paid-in capital and maintain minimum capital, and the superintendent may set different capital maintenance standards.
Merchant banks generally have financial-institution powers, but they cannot take deposits as a regular business; they may make limited cash deposits, issue treasurer’s/cashier’s checks, use “bank” words in their name, and must notify the superintendent 30 days before opening an office or branch.
Merchant bank loans and investments in specified insiders must be disclosed to the bank’s governing body.
Explore more
