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25,400 statutes · page 1263 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
1. Organizers. Any number of persons, but not less than 20, all of whom must reside in or reside proximate to the geographic area to be served by the institutions, may agree in writing to associate themselves for the purpose of forming a
This section sets the steps organizers must follow to form a financial institution, including meetings, filings, capital deposits, and approval before business can start.
1. Initial capital deposits. A. The initial capital deposits required under section 323, subsection 4, for commencing business shall be paid into an account of the institution known as the "capital reserve" account. [PL 1975, c. 500, §1
1. Corporators of mutual financial institutions. A. The persons named in the articles of incorporation constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated
This section sets board rules for mutual financial institutions, including minimum director numbers, election and vacancy procedures, meeting frequency, recordkeeping, and board powers.
This section sets how officers of the financial institution are elected, what some officers must do, and how the board must require security for officers, employees, and agents.
This chapter governs when a financial institution may establish a branch office or agency, and allows statewide branching with limits.
A financial institution may operate business in a branch or agency office, but opening one generally requires the superintendent’s prior approval.
Some financial institutions may establish, relocate, or close satellite or off-premise facilities without prior approval or notice to the superintendent.
1. Relocation. A main office, branch or agency office of a financial institution may not be moved to a new location without the prior written approval of the superintendent, pursuant to section 336, except that a financial institution that
The institution must notify the superintendent at least 30 days before certain office relocations or openings/closings, and a fee must accompany the notice.
A financial institution may invest in real estate and related fixed assets for offices or facilities, but the combined amount may not exceed 60% of total capital unless the superintendent approves a higher percentage in writing.
A covered financial institution may keep branch locations or certain windows open for limited functions during hours it sets itself.
A financial institution generally may not be treated as allowed to establish a branch office or facility outside this State, and a financial institution not authorized to do business in this State may not establish or operate a branch office or facility in this State, except as provided in chapter 37.
This section says when the chapter applies to certain financial institutions seeking charter changes, and it requires an application fee for specified applications.
The superintendent may make an approved charter conversion effective immediately if the conversion is approved by the directors, is needed to protect depositors, shareholders, or the public, and complies with applicable federal law. A person aggrieved by such a conversion may seek judicial review of the superintendent’
This section lets certain banks or financial institutions convert to a Maine state charter or to a federal charter, subject to stated approval, notice, filing, and certificate steps.
This section lets certain institutions convert their charter, but only through a required approval process.
A mutual or cooperative financial institution may convert to another form only with superintendent approval and under the section’s procedural requirements.
The superintendent may make an approved charter conversion effective immediately in specified merger, consolidation, or acquisition transactions, and an aggrieved person may seek judicial review.
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