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25,400 statutes · page 1264 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
An eligible equity financial institution may convert its ownership structure if the superintendent approves, the conversion is fair and equitable to investors, and the section’s procedures are followed.
A chapter 31 financial institution may convert to a chapter 32 institution if the superintendent approves and the process follows this section and adopted rules.
A financial institution may change its corporate name if the new name is not the same or deceptively similar to another financial institution’s name, and required approvals and filings are completed.
A financial institution created by an action under this chapter must follow sections 357 and 358 and any rules adopted under those sections.
1. Applicability. The provisions of this chapter govern mergers and consolidations undertaken by financial institutions and industrial banks subject to the laws of this State and must set forth the procedures for and limitations on the
Investor-owned institutions may merge or consolidate, but only through the section’s required plan, approvals, notice, and dissenting-investor rules.
At least two qualifying mutual financial institutions may merge or consolidate, but only under the section’s procedures and conditions.
The superintendent may make a merger or consolidation effective immediately, but only after approval by each participating institution’s governing body and receipt of certified authorizing resolutions, and only if needed to protect depositors or the public.
This section allows certain mergers or consolidations involving mutual and investor-owned financial institutions, subject to stated procedures, conditions, and limits.
The superintendent may make an asset acquisition and liability assumption effective immediately if needed to protect depositors or the public.
A Maine financial institution may acquire assets or assume liabilities of another institution, but only under the section’s procedures and conditions.
After a merger, consolidation, conversion, or acquisition, the resulting institution may operate under the approved plan, is treated as a continuation of the prior institution, and can carry on pending judicial proceedings.
If a merger, consolidation, conversion, or acquisition would leave the resulting institution with nonconforming activities or excess lending/investment limits, the plan must address termination or divestiture, and the superintendent can set timing or require divestiture.
This chapter applies to financial institutions organized under Maine law and overrides other laws governing their conservation, liquidation, and insolvency.
1. Application to court. Whenever it may become necessary to preserve the assets or protect depositors in a financial institution, the Superior Court may, on application by the superintendent, the governing body of such institution or 3/4
1. Appointment of conservator. Whenever, in the judgment of the superintendent, because of unsafe or unsound practice in conducting the business of a financial institution or other potentially hazardous condition, it is necessary to
A financial institution may be taken to court for liquidation when its governing body, the superintendent, or qualifying depositors/members/investors believe continuing business is inexpedient.
If the superintendent thinks a financial institution is insolvent or unsafe, they may close it and appoint a receiver to liquidate it.
The superintendent, conservator, receiver, and Superior Court have powers to manage attachments, preferences, pending actions, injunctions, contracts, claims, mergers, and fiduciary accounts during conservatorship or liquidation.
The superintendent may waive sections 1013 and 1015 when equity interests are issued to or acquired by the FDIC in specified settlement, insolvency, or liquidation situations.
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