reglab/housing_qa huggingface dataset:
9-B ME Rev Stat § 1019 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1019. Prohibitions

 §1019. Prohibitions 1.  Prohibited practices.  To the extent provided for therein, financial institution holding companies subject to the laws of this State shall be subject to chapters 24 and 46.   [PL 1975, c. 500, §1 (NEW).] 2.  Penalties.  Any person or company violating any provision of this chapter, or any regulation promulgated thereunder, is subject to a penalty of not more than $1,000 per day for each day the violation continues, to be recovered in a civil action in the name of the State.   Any company or Maine financial institution violating section 1013, subsection 3, or any regulation promulgated under that section, is subject to a penalty of not more than $1,000 a day for each day the violation continues. The superintendent shall report the violation forthwith, with such remarks as the superintendent determines appropriate, to the Attorney General, who may forthwith institute a civil action therefor on behalf of the State.   [PL 1997, c. 182, Pt. A, §14 (AMD).] 3.  Remedy for violation of section 1013.  A Maine financial institution or any financial institution holding company which violates section 1013 shall be subject to the provisions of chapters 23 and 24.   [PL 1983, c. 302, §7 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1983, c. 302, §§6,7 (AMD). PL 1985, c. 642, §9 (AMD). PL 1997, c. 182, §A14 (AMD).
9-B ME Rev Stat § 1019-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1019-A. Notification of superintendent; purchase of own shares

 §1019-A. Notification of superintendent; purchase of own shares A Maine financial institution holding company shall provide the superintendent with prior notification regarding the following transactions:   [PL 1991, c. 386, §27 (AMD).]1.  Issuance of stock, capital notes or debentures.  The issuance of equity interest, capital notes or debentures with an original maturity of 3 years or greater. Notice must be provided at least 10 days prior to issuance and must contain a copy of any United States Securities and Exchange Commission filings, private placement memoranda or other documents describing the proposed issue to potential investors;   [PL 2005, c. 82, §13 (AMD).] 2.  Purchase of own capital stock.  The purchase of shares of any type of its own equity interest. Notice must contain such information as required by the superintendent; and   [PL 2005, c. 82, §13 (AMD).] 3.  Exception requiring approval.  The issuance of equity interest or capital notes by a Maine financial institution holding company that is not required to file notice with the United States Securities and Exchange Commission. Issuance under this subsection also requires prior approval of the superintendent. A Maine financial institution holding company may not purchase or redeem its equity interests without the superintendent's prior written approval if the gross consideration for purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company's consolidated net worth.   [PL 2005, c. 82, §14 (NEW).] SECTION HISTORY PL 1987, c. 90, §4 (NEW). PL 1991, c. 386, §27 (AMD). PL 2005, c. 82, §§13,14 (AMD).
9-B ME Rev Stat § 1020 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES|9-B §1020. Annual reports to the Legislature (REPEALED)

 §1020. Annual reports to the Legislature (REPEALED)SECTION HISTORY PL 1983, c. 597, §5 (NEW). PL 1983, c. 816, §B3 (RP).
9-B ME Rev Stat § 1021 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES|9-B §1021. Definition

 §1021. Definition As used in this chapter, the term "mutual trust investment company" means a corporation which is an investment company as defined by an Act of Congress entitled "Investment Company Act of 1940", as amended; and incorporated in compliance with this chapter to constitute a medium for the common investment of trust funds held in a fiduciary capacity, and for true fiduciary purposes, either alone or with one or more cofiduciaries, by State banks with trust powers, trust companies and national banks with trust powers which are located in this State.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 1022 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES|9-B §1022. Authority to incorporate

 §1022. Authority to incorporate Any 5 or more state banks with trust powers, trust companies and national banks with trust powers located in this State are authorized to cause a mutual trust investment company to be organized and incorporated, subject to the approval of the superintendent and subject to such regulations as he may prescribe.   [PL 1975, c. 500, §1 (NEW).]SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 1023 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES|9-B §1023. Application of general corporation law; articles of incorporation

 §1023. Application of general corporation law; articles of incorporation 1.  Subject to Title 13-C.  Except as otherwise provided in this chapter, such a mutual trust investment company must be incorporated under and is subject to Title 13-C.   [RR 2001, c. 2, Pt. B, §19 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] 2.  Incorporators.  The incorporators subscribing to and acknowledging the articles of incorporation shall consist of 5 or more persons who are officers or directors of the banks and trust companies causing such mutual trust investment company to be incorporated.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). RR 2001, c. 2, §B19 (COR). RR 2001, c. 2, §B58 (AFF).
9-B ME Rev Stat § 1025 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES|9-B §1025. Purchase of stock by fiduciaries; authority and restrictions

 §1025. Purchase of stock by fiduciaries; authority and restrictions 1.  Investment in shares of stock.  State banks with trust powers, trust companies and national banks with trust powers located in this State, acting in a fiduciary capacity and for true fiduciary purposes, either alone or with one or more individual cofiduciaries, may, if exercising the care of a prudent investor and with the consent of such individual cofiduciary or cofiduciaries, if any, invest and reinvest funds held in such fiduciary capacity in the shares of stock of a mutual trust investment company except where the will, trust indenture or other instrument under which such fiduciary is acting prohibits such investment. No investment in the stock of a mutual trust investment company may be made by any bank or trust company which operates its own common trust fund under the laws of this State. The stock shall not be subject to Title 32, chapter 13.   [PL 1975, c. 500, §1 (NEW).] 2.  Limitation.  No funds of any estate, trust or fund shall be invested in the stock of a mutual trust investment company in an amount which would result in any bank or trust company having an aggregate holding in excess of 25% of the total issued and outstanding stock of such mutual trust investment company, as increased by the amount of the proposed investment. In the event that by reason of reduction of the holdings of stock by other banks or trust companies, mergers of banks or trust companies, or for other reasons, the aggregate holding of stock in the mutual trust investment company by any bank or trust company shall become greater than 25% of the total issued and outstanding stock, such bank or trust company may retain the stock then held by it but may not make further investments in such stock until its aggregate holdings have become less than such 25%.   [PL 1975, c. 500, §1 (NEW).] 3.  Responsibility.  A mutual trust investment company shall be permitted to rely on the written statement of any bank or trust company purchasing its stock that the purchase complies with the foregoing requirements, except that the mutual trust investment company shall be responsible to see that the limit on the holding of stock by any one bank or trust company as provided in subsection 2 is not exceeded.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
9-B ME Rev Stat § 1026 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 102: MUTUAL TRUST INVESTMENT COMPANIES|9-B §1026. Powers of the superintendent

 §1026. Powers of the superintendent 1.  Rules and regulations.  The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other things:   A. The records and accounts to be kept by the mutual trust investment company;   [PL 1975, c. 500, §1 (NEW).]B. The methods and standards to be employed in establishing the value of the shares of stock in the mutual trust investment company and of its assets; and   [PL 1975, c. 500, §1 (NEW).]C. The procedure to be followed in the sale and redemption of its stock.   [PL 1975, c. 500, §1 (NEW).][PL 1975, c. 500, §1 (NEW).] 2.  Examination.  The superintendent shall at least once in each calendar year, and whenever the superintendent deems it necessary or expedient, examine every such mutual trust investment company. On every such examination of a mutual trust investment company, the superintendent shall make inquiry as to its financial condition, the policies of its management, whether it is complying with the laws of this State and such other matters as the superintendent may prescribe. The reasonable expenses of each examination of a mutual trust investment company pursuant to this section must be charged to the company in accordance with the provision of section 214.   [RR 2009, c. 2, §9 (COR).] 3.  Power and authority.  In the enforcement of this chapter and the fulfillment of his responsibilities hereunder, the superintendent shall have the same power and authority over and with respect to mutual trust investment companies and their directors, officers and employees, including the power to compel the attendance of witnesses and the production of books, records, documents and testimony, the power to require the submission to him of reports and information in such form and at such times as he may prescribe, the power to direct the discontinuation of any practice which he may consider illegal, unauthorized or unsafe; and all other powers and authorities, whether or not specifically mentioned herein, as are given the superintendent by the laws of this State with respect to financial institutions in the same manner and with like effect as if mutual trust investment companies were expressly named therein.   [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). RR 2009, c. 2, §9 (COR).
9-B ME Rev Stat § 1051 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 105: MUTUAL HOLDING COMPANY|9-B §1051. Purpose

 §1051. Purpose This chapter authorizes mutual financial institutions to reorganize into mutual holding companies.   [PL 1985, c. 558 (NEW).]SECTION HISTORY PL 1985, c. 558 (NEW).
9-B ME Rev Stat § 1052 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 105: MUTUAL HOLDING COMPANY|9-B §1052. Definitions

 §1052. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1985, c. 558 (NEW).]1.  Mutual financial institution.  "Mutual financial institution" means any institution as defined in section 131, subsection 27.   [PL 1985, c. 558 (NEW).] 2.  Mutual holding company.  "Mutual holding company" means any corporation organized pursuant to this chapter.   [PL 1985, c. 558 (NEW).] 3.  Subsidiary universal bank.  "Subsidiary universal bank" means any universal bank organized under the laws of this State, at least 51% of the voting stock of which is wholly owned by a mutual holding company.   [PL 2009, c. 228, §10 (AMD).] SECTION HISTORY PL 1985, c. 558 (NEW). PL 1993, c. 257, §4 (AMD). PL 2009, c. 228, §10 (AMD).
9-B ME Rev Stat § 1054 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 105: MUTUAL HOLDING COMPANY|9-B §1054. Corporate existence and powers

 §1054. Corporate existence and powers 1.  Legal existence.  Upon the reorganization of a mutual financial institution pursuant to this chapter, the legal existence of the mutual financial institution shall not terminate, but shall continue, not as a deposit-taking institution, but as a mutual holding company.   [PL 1985, c. 558 (NEW).] 2.  Governance.  A mutual holding company must be governed by a board of corporators in accordance with the charter and bylaws of the mutual holding company, as adopted or amended, in connection with a reorganization authorized under this chapter or as amended by the corporators thereafter. The corporators shall elect a board of directors provided that the superintendent has the authority to comment upon the composition of the board. The corporators and the board of directors are governed by and authorized to undertake the activities as set forth in sections 325 and 326. With respect to a mutual holding company that has been formed through the reorganization of a savings bank, the board of corporators initially consists of the board of corporators of the savings bank as constituted pursuant to section 325. The corporators, after the formation of the mutual holding company, continue to serve as corporators for the balance of the terms to which they are elected under section 325.   [RR 2013, c. 2, §10 (COR).] 3.  Powers.  A mutual holding company may:   A. Invest in the stock of a financial institution, subject to section 1013;   [PL 1985, c. 558 (NEW).]B. Acquire a mutual financial institution or a mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company;   [PL 2021, c. 5, §3 (AMD).]C. Merge with or acquire a mutual holding company, one of whose subsidiaries is a savings bank or savings and loan association;   [PL 1985, c. 558 (NEW).]D. Exercise any power, right or privilege, with the exception of deposit taking, granted to mutual financial institutions under the laws of the State, and, unless specifically noted otherwise, any reference to "savings bank" or "savings and loan association" in any other law of this State also applies to a subsidiary universal bank chartered pursuant to this chapter;   [PL 2009, c. 228, §15 (AMD).]E. Invest in the capital stock of a company, which is a legal investment for a savings bank under the laws of the State;   [PL 1985, c. 558 (NEW).]F. Exercise any power or engage in any activity authorized for a bank holding company or savings and loan holding company under federal law or rule or chapter 101; and   [PL 1985, c. 558 (NEW).]G. Exercise any other power or engage in any other activity authorized by the superintendent.   [PL 1985, c. 558 (NEW).][PL 2021, c. 5, §3 (AMD).] SECTION HISTORY PL 1985, c. 558 (NEW). PL 1993, c. 257, §§7,8 (AMD). PL 2009, c. 228, §15 (AMD). RR 2013, c. 2, §10 (COR). PL 2021, c. 5, §3 (AMD).
9-B ME Rev Stat § 1055 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 105: MUTUAL HOLDING COMPANY|9-B §1055. Rules

 §1055. Rules The superintendent shall adopt such rules as necessary to effectuate the purposes of this chapter and to ensure that the reorganization of a mutual financial institution is conducted in a fair and equitable manner to ensure the safety and soundness of the subsidiary universal bank and the protection of the subsidiary universal bank's net worth.   [PL 2009, c. 228, §16 (AMD).]SECTION HISTORY PL 1985, c. 558 (NEW). PL 1993, c. 257, §9 (AMD). PL 2009, c. 228, §16 (AMD).
9-B ME Rev Stat § 1056 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 105: MUTUAL HOLDING COMPANY|9-B §1056. Reports and examinations

 §1056. Reports and examinations All mutual financial institution holding companies shall be subject to section 1016.   [PL 1985, c. 558 (NEW).]SECTION HISTORY PL 1985, c. 558 (NEW).
9-B ME Rev Stat § 1101 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 107: MERCHANT BANKING|9-B §1101. Organization and structure of merchant banks (REPEALED)

 §1101. Organization and structure of merchant banks (REPEALED)SECTION HISTORY PL 1997, c. 66, §6 (NEW). PL 1997, c. 398, §J1 (RP).
9-B ME Rev Stat § 1102 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 10: OTHER FINANCIAL ENTITIES|Chapter 107: MERCHANT BANKING|9-B §1102. Business of merchant banks; powers; limitations (REPEALED)

 §1102. Business of merchant banks; powers; limitations (REPEALED)SECTION HISTORY PL 1997, c. 66, §6 (NEW). PL 1997, c. 398, §J1 (RP).
9-B ME Rev Stat § 1211 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS|Chapter 121: NONDEPOSITORY TRUST COMPANIES|9-B §1211. General purpose and authority

 §1211. General purpose and authority A nondepository trust company is a financial institution organized under the provisions of this Title whose activities are generally limited to trust or fiduciary matters. Unless otherwise indicated in this chapter or to the extent inconsistent with this chapter or with the general purpose of a nondepository trust company, a nondepository trust company has all the powers, duties and obligations of a financial institution under this Title.   [PL 1997, c. 398, Pt. J, §2 (NEW).]SECTION HISTORY PL 1997, c. 398, §J2 (NEW).
9-B ME Rev Stat § 1212 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS|Chapter 121: NONDEPOSITORY TRUST COMPANIES|9-B §1212. Organization of nondepository trust companies

 §1212. Organization of nondepository trust companies 1.  Organization.  A nondepository trust company must be organized pursuant to chapter 31.   [PL 1997, c. 398, Pt. J, §2 (NEW).] 1-A.  Principal office in State.  Except for a nondepository trust company organized prior to the effective date of this subsection, a nondepository trust company shall locate its principal office in this State, have at least one resident of this State on its governing board and hold at least one of its governing board meetings in this State each year.   [PL 2021, c. 5, §4 (NEW).] 2.  Organizational documents.  The organizational documents of a nondepository trust company that are filed with the Secretary of State must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to the Maine Revised Statutes, Title 9‑B, chapter 121 and does not have the power to solicit, receive or accept money or its equivalent on deposit or to lend money except for lending reasonably related to and deriving from its service as fiduciary or its conduct of trust business." This statement in the organizational documents of a nondepository trust company may not be amended.   [PL 1997, c. 398, Pt. J, §2 (NEW).] 3.  Conversion.  A nondepository trust company may convert to any other type of investor-owned financial institution pursuant to chapter 34.   [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 (NEW). PL 2021, c. 5, §4 (AMD).
9-B ME Rev Stat § 1213 (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS|Chapter 121: NONDEPOSITORY TRUST COMPANIES|9-B §1213. Capital

 §1213. Capital A nondepository trust company must have initial paid-in capital in accordance with chapter 31 and shall maintain capital in accordance with section 412-A and any rules adopted under section 412-A, except the superintendent may establish different capital maintenance requirements for nondepository trust companies than those required for other financial institutions organized under this Title.   [PL 1999, c. 539, §1 (AMD).]SECTION HISTORY PL 1997, c. 398, §J2 (NEW). PL 1999, c. 539, §1 (AMD).
9-B ME Rev Stat § 1213-A (2021)
2021 Maine Revised Statutes|TITLE 9-B: FINANCIAL INSTITUTIONS|Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS|Chapter 121: NONDEPOSITORY TRUST COMPANIES|9-B §1213-A. Asset pledge

 §1213-A. Asset pledge 1.  Pledge requirement.  The superintendent may require a nondepository trust company to pledge readily marketable assets to the superintendent if the superintendent believes that circumstances warrant the action. The pledged assets must be United States dollar denominated, investment grade and subject to the prior written approval of the superintendent. The pledged assets must be held on deposit or in safekeeping by an FDIC-insured depository institution approved by the superintendent. The pledged assets may be released to the superintendent only upon certification that a receiver or conservator of the nondepository trust company has been appointed. The asset pledge requirement may be lifted by the superintendent if the superintendent determines that the condition of the nondepository trust company so warrants that action.   [PL 2005, c. 83, §12 (NEW).] 2.  Amount of pledge.  The aggregate amount of pledged assets is determined by the superintendent but may not exceed the greater of $1,000,000 or 50% of the minimum required capital of the nondepository trust company at the time the asset pledge is imposed.   [PL 2005, c. 83, §12 (NEW).] 3.  Pledge agreement.  The asset pledge must be maintained pursuant to an asset pledge agreement in the form and containing any limitations and conditions the superintendent requires. As long as the nondepository trust company continues business in the ordinary course, the nondepository trust company may be permitted to collect income on the pledged assets and examine and exchange those assets. The aggregate amount of assets pledged may not be less than required under subsection 2 without the superintendent's approval.   [PL 2005, c. 83, §12 (NEW).] 4.  Noncompliance.  If a nondepository trust company fails to maintain the minimum required asset pledge, the superintendent may determine that the nondepository trust company does not meet the capital requirements under section 412-A and any rules adopted pursuant to section 412-A.   [PL 2005, c. 83, §12 (NEW).] 5.  Rulemaking.  The superintendent may adopt rules to implement this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.   [PL 2005, c. 83, §12 (NEW).] SECTION HISTORY PL 2005, c. 83, §12 (NEW).