United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 9-B, § 419: Investment powers, 1997

A financial institution may buy, sell, underwrite, and hold investment and equity securities, but must limit equity holdings to 100% of total capital unless the superintendent allows more. It may…

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corporate governanceinvestmentssecurities

Jurisdiction: United States — Maine
Structure: 1 provisions
Official identity: Year 1997
Dates: Enacted 1997 · Source version 1 Oct 2025

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Dates: Enacted 1997 · Source version 1 Oct 2025

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“A financial institution may buy, sell, underwrite, and hold investment and equity securities, but must limit equity holdings to 100% of total capital unless the superintendent allows more. It may not buy speculative securities or equities, except for venture capital investments up to 20% of total capital unless the sup”

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Enacted 1997 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.
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Investment powers

Section 419

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Source record from legislature.maine.gov · Enacted 1997 · Source version 1 Oct 2025

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§ 419Investment powersProvision

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A financial institution may buy, sell, underwrite, and hold investment and equity securities, but must limit equity holdings to 100% of total capital unless the superintendent allows more. It may not buy speculative securities or equities, except for venture capital investments up to 20% of total capital unless the superintendent allows more. The governing body must also adopt and review a written investment policy at least annually.

1. Investment and equity securities. A financial institution is authorized to purchase, sell, underwrite and hold investment securities and equity securities, consistent with safe and sound banking practices. For purposes of this section, the term "investment securities" includes credit instruments such as commercial paper, banker's acceptances, certificates of deposit, repurchase agreements and overnight federal funds, in addition to marketable obligations in the form of bonds, notes, debentures or other similar instruments that are commonly regarded as investment securities. A financial institution's holding of equity securities is limited to 100% of its total capital unless a higher limit is authorized by the superintendent. The purchase of speculative securities or equities is prohibited, except that a financial institution may make venture capital investments up to 20% of the institution's total capital unless a higher limit is authorized by the superintendent. [PL 1997, c. 398, Pt. I, §10 (NEW).] 2. Written investment policy. A financial institution's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following: A. Investment quality parameters; [PL 1997, c. 398, Pt. I, §10 (NEW).] B. Investment mix and diversification; [PL 1997, c. 398, Pt. I, §10 (NEW).] C. Investment maturities; and [PL 1997, c. 398, Pt. I, §10 (NEW).] D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 1997, c. 398, Pt. I, §10 (NEW).] [PL 1997, c. 398, Pt. I, §10 (NEW).]

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1 Oct 2025 · currentEnglish

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