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25,400 statutes · page 1270 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
This section sets procedures for voluntary and involuntary dissolution of a credit union, including voting, notice, liquidation, claim priority, and filing dissolution articles.
Notwithstanding any other provisions of law, the provisions of this chapter apply and supersede the provisions of laws relating to the dissolution, merger and conversion of credit unions organized under the laws of this State. [PL 2003, c.
Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating credit union, the superintendent may authorize a merger or
Credit unions may merge or consolidate into a Maine credit union if the superintendent approves and the required member and board approvals are obtained.
1. Eligibility. A credit union organized pursuant to provisions of federal law or organized under the laws of another state may become subject to this Part and receive a charter as a state-chartered credit union by making application in
A state credit union may convert to a federally chartered credit union, but it must give the superintendent the federal application within 3 days, get member approval as required, and later provide required federal approvals and charters; the superintendent then notifies the Secretary of State.
A Maine credit union may convert its charter to a financial institution charter under chapter 32 if the conversion plan is adopted and approved under section 343.
A Maine credit union may buy most or all assets of, or take over liabilities from, certain other credit unions or financial institutions, if the transaction follows section 355 and is subject to sections 357 and 358.
Applications under sections 872, 872-A, 873, 875, or 876 must include a fee payable to the Treasurer of State, and the superintendent sets the fee amount up to $2,000.
Credit unions and their directors/officers are subject to chapter 46 restrictions, but the superintendent may allow one credit union officer or director to serve in another credit union if there is an application and good cause.
A qualified person may use “credit union” in a business name in Maine, but others may not use the term without prior written approval from the superintendent.
"Industrial bank" is defined as a corporation meeting specified historical formation and lending/investment activity criteria.
An industrial bank’s capital stock must have a $100 par value per share and only one class of stock may be created.
An industrial bank has listed powers to borrow and lend, invest in certain securities, make FHA-eligible loans and seek insurance on them, sell certificates of investment, and establish branch or agency offices.
Every industrial bank must comply with section 422 on deposit insurance.
An industrial bank may merge, consolidate, sell, or purchase assets in specified ways, but the transaction must follow the referenced statutory procedures and notices.
Industrial banks are subject to chapter 36 on voluntary and involuntary liquidations, and on conservation and segregation of assets.
An industrial bank authorized to do business in the State is subject to Part 2, and the superintendent may set rate ceilings for interest on certain deposit accounts.
Industrial banks may not exceed set concentration and borrowing limits, and may not deposit funds with another financial institution unless it is properly designated.
No person, firm or corporation shall use, hold itself out as being, or advertise with the name "industrial bank", except that industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name
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