An Act To Allow Maine Shareholders of Banks and Members and Corporators of Credit Unions To Hold Virtual Meetings
Maine Legislature, Session 130, LD 1320
Committee: Health Coverage, Insurance and Financial Services
Sponsors: SANBORN, WHITE
Amends: 9-B MRSA §325, 13-C MRSA §701, 13-C MRSA §709

Legislative Document
No. 1320
S.P. 426
In Senate, March 29, 2021
An Act To Allow Maine Shareholders of Banks and Members and 
Corporators of Credit Unions To Hold Virtual Meetings
Reference to the Committee on Health Coverage, Insurance and Financial Services 
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator SANBORN of Cumberland.
Cosponsored by Representative: WHITE of Waterville.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  9-B MRSA §325, sub-§3, ¶E, as enacted by PL 1975, c. 500, §1, is 
amended to read:
E.  Meetings of the corporators or members shall must be held at the institution's 
principal office, or at such other place in the area of this State served by the institution 
as the notice shall designate designates or by means of remote communication under 
paragraph F.
Sec. 2.  9-B MRSA §325, sub-§3, ¶F is enacted to read:
F.  The board of directors may authorize, subject to guidelines and procedures as the 
board may adopt, a meeting of corporators or members to be conducted by means of 
remote communication with no fixed place or may authorize a corporator or member 
or holder of a proxy of a corporator or member who is not physically present at a 
meeting of corporators or members to join the meeting by means of remote 
communication. A corporator or member or holder of a proxy of a corporator or 
member in a meeting of corporators or members held remotely or who joins a meeting 
of corporators or members by means of remote communication may:
(1)  Participate in the meeting; 
(2)  Be deemed present in person at the meeting; and 
(3)  Vote at the meeting if the institution has implemented reasonable measures:
(a)  To verify that a person who has joined by means of remote communication 
a meeting of corporators or members is a corporator, member or holder of a 
proxy of a corporator or member; 
(b)  To provide a corporator, member or holder of a proxy of a corporator or 
member who has joined by means of remote communication a meeting of 
corporators or members a reasonable opportunity to participate in the meeting 
and to vote on matters submitted to the corporators and members, including an 
opportunity to communicate with, read and hear the proceedings, substantially 
concurrently with the proceedings; and
(c)  To maintain a record of the presence of and a vote or any other action taken 
by a corporator, member or holder of a proxy of a corporator or a member who 
has joined by means of remote communication a meeting of corporators and 
members.
Sec. 3.  13-C MRSA §701, sub-§2, as enacted by PL 2001, c. 640, Pt. A, §2 and 
affected by Pt. B, §7, is amended to read:
2.  Place.  Annual shareholders' meetings may be held in or out of the State at the place 
stated in or fixed in accordance with a corporation's bylaws.  If no place is stated in or fixed 
in accordance with the bylaws, annual meetings must be held at the corporation's principal 
office or, if authorized by the board of directors, by means of remote communication 
pursuant to section 709.
Sec. 4.  13-C MRSA §709, as enacted by PL 2011, c. 274, §26, is amended to read:
§709.  Remote participation in annual and special meetings
1.  Participation by means of remote communication.  Shareholders A meeting of 
shareholders may be held by means of remote communication and shareholders of any class 
or series may participate in any meeting of shareholders by means of remote 
communication to the extent the board of directors authorizes participation for the class or 
series.  Participation by means of remote communication is subject to guidelines and 
procedures adopted by the board of directors and must be in conformity with subsection 2.
2.  Shareholder presence and voting.  Shareholders participating in a shareholders' 
meeting by means of remote communication are deemed present and may vote at the 
meeting if the corporation has implemented reasonable measures:
A.  To verify that each person participating remotely is a shareholder or holder of a 
proxy of a shareholder; and
B.  To provide the shareholders or holders of a proxy of a shareholder a reasonable 
opportunity to participate in the meeting and to vote on matters submitted to the 
shareholders or holders of a proxy of a shareholder, including an opportunity to 
communicate and to read or hear the proceedings of the meeting, substantially 
concurrently with the proceedings.; and
C.  To maintain a record of the presence of and a vote or any other action taken by a 
shareholder or holder of a proxy of a shareholder who has joined by means of remote 
communication a meeting of shareholders.
SUMMARY
This bill allows corporators, members and holders of a proxy of a corporator or member 
of a mutual bank or holding company and shareholders and holders of a proxy of a 
shareholder of an investor-owned bank to hold meetings remotely and to participate in 
meetings by means of remote communication.