reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §346. Change of institutional name

§346. Change of institutional name
1.  Authorization; prohibitions.
Any financial institution may change its corporate name to another name if the name selected is not the same or deceptively similar to the name of any other financial institution authorized to do business in this State.
[PL 1997, c. 398, Pt. F, §8 (AMD).]
2.  Requirements.
A change in the name of a financial institution requires compliance with the following requirements:
A. Approval pursuant to section 314‑A or 325 by investors or mutual voters and the superintendent to amend the name set forth in the institution's organizational document; and   [PL 1997, c. 398, Pt. F, §8 (AMD).]
B.   [PL 1997, c. 398, Pt. F, §8 (RP).]
C. The superintendent shall notify forthwith the institution of the superintendent's decision; and, if the superintendent approves the name change, the superintendent shall file a certificate with the Secretary of State indicating approval.   [PL 1997, c. 398, Pt. F, §8 (AMD).]
[PL 1997, c. 398, Pt. F, §8 (AMD).]
3.  Effective date.
The name change shall become effective from the time of filing with the Secretary of State, or upon a date subsequent thereto if such date is fixed in the certificate, and shall become the corporate title of the institution thereafter.
[PL 1975, c. 500, §1 (NEW).]
4.  Continuing entity.
The adoption of a new name shall not affect the validity of any acts, transactions or documents wherein the former name was used. All deeds, mortgages, contracts, judgments, proceedings and records made, received, entered into, carried on, or done by an institution before adoption of the change of name, but wherein the institution is called by the name so subsequently adopted, shall be as valid as if the institution was called therein by the name set forth in its original articles of incorporation.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §F8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 34: CHANGES IN CHARTER AND OWNERSHIP FORM › 9-B §347. Effect of conversion or amendment; nonconforming activities

§347. Effect of conversion or amendment; nonconforming activities
The financial institution resulting from any action taken pursuant to the authority granted in this chapter is subject to the provisions of sections 357 and 358 and shall comply with the requirements of these sections and rules adopted under these sections.   [PL 1997, c. 398, Pt. F, §9 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §F9 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §354. Mergers and consolidations; investor-owned and mutual financial institutions

§354. Mergers and consolidations; investor-owned and mutual financial institutions
1.  Resulting mutual financial institution.
An investor-owned financial institution may be merged into or consolidated with a mutual financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subsection.
A. The acquiring mutual financial institution shall comply with the requirements of section 353, subsections 1 to 4, except that the plan of merger or consolidation must state the amount that institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the superintendent considers appropriate.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
B.   [PL 1997, c. 22, §10 (RP).]
C.   [PL 1997, c. 22, §10 (RP).]
D.   [PL 1997, c. 22, §10 (RP).]
E. The investor-owned institution to be acquired shall comply with section 352, subsections 1 to 6.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
F. Sections 357 and 358 apply to mergers or consolidations made pursuant to this section.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
[PL 1997, c. 398, Pt. G, §4 (AMD).]
2.  Resulting investor-owned institution.
Except as the superintendent may authorize pursuant to section 354‑A, a mutual financial institution may not merge into an investor-owned institution organized under the laws of this State without prior compliance with section 344 and all rules adopted under that section. In accordance with section 1054, subsection 3, paragraph B, a mutual holding company may acquire a mutual financial institution or mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company without prior compliance with section 344 and all rules adopted under that section.
[PL 2021, c. 5, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 22, §10 (AMD). PL 1997, c. 398, §G4 (AMD). PL 2021, c. 5, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §354-A. Authority for expedited mergers and consolidations

§354-A. Authority for expedited mergers and consolidations
Notwithstanding any other provision of law, or any organizational document of any participating institution, following approval of the plan of merger or consolidation by a majority vote of the governing body of each participating institution and receipt by the superintendent of certified copies of the authorizing resolutions adopted by the governing body of each participating institution, the superintendent may order that the merger or consolidation become effective immediately if the superintendent believes that the action is necessary for the protection of depositors or the public. Any person aggrieved by a merger or consolidation pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.   [PL 1997, c. 398, Pt. G, §5 (AMD).]
SECTION HISTORY
PL 1981, c. 539, §2 (NEW). PL 1997, c. 398, §G5 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §355-A. Authority for expedited acquisitions

§355-A. Authority for expedited acquisitions
Notwithstanding any other provision of law, or any organizational document of any participating institution, the superintendent may order that the acquisition of assets and assumption of liabilities become effective immediately if the superintendent determines that the action is necessary for the protection of depositors or the public. This action may be taken upon receipt of the following:   [PL 1997, c. 398, Pt. G, §7 (AMD).]
1.  Authorizing resolutions and plan.
Certified copies of the authorizing resolutions adopted by the respective governing bodies of the acquiring or assuming financial institution or financial institution holding company, and a copy of the plan of acquisition of assets and assumption of liabilities approved by a majority vote of the governing bodies of the acquiring or assuming financial institution or financial institution holding company and the transferring institution; or
[PL 1997, c. 398, Pt. G, §8 (AMD).]
2.  Notice.
Notice, containing information required by the superintendent, from any other person of intent to acquire the assets and assume the liabilities of a financial institution or financial institution holding company.
[PL 1991, c. 34, §3 (NEW).]
Any person aggrieved by an acquisition of assets and assumption of liabilities pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII.   [PL 1991, c. 34, §3 (NEW).]
SECTION HISTORY
PL 1987, c. 40, §2 (NEW). PL 1991, c. 34, §3 (AMD). PL 1997, c. 398, §§G7,8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §356. Book value of assets (REPEALED)

§356. Book value of assets
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §G9 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §358. Nonconforming activities: cessation

§358. Nonconforming activities: cessation
If, as a result of a merger, consolidation, conversion or acquisition pursuant to this Title, the resulting institution is to be of a different type or of a different character than any one or all of the participating or converting institutions, such resulting institution shall be subject to the following conditions and limitations:   [PL 1975, c. 500, §1 (NEW).]
1.  Plan for termination.
The plan of merger, consolidation, conversion or acquisition shall set forth the method and schedule for terminating those activities not permitted by the laws of this State for the resulting institution, but which were authorized for any of the participating or converting institutions.
[PL 1975, c. 500, §1 (NEW).]
2.  Effective date.
The plan of merger, consolidation, conversion or acquisition shall state that from the effective date of such action, the resulting institution shall not engage in any nonconforming activities, except to the extent necessary to fulfill obligations existing prior to merger, consolidation, conversion or acquisition, pursuant to subsection 4.
[PL 1975, c. 500, §1 (NEW).]
3.  Compliance with limitations.
If, as a result of such merger, consolidation, conversion or acquisition, the resulting institution exceeds any lending, investment or other limitations imposed by this Title, it shall conform to such limitations within such period of time as shall be established by the superintendent.
[PL 1975, c. 500, §1 (NEW).]
4.  Divesture.
The superintendent may, as a condition to such merger, consolidation, conversion or acquisition, require a nonconforming activity to be divested in accordance with such additional requirements as he may deem appropriate under the circumstances.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §361. Applicability of chapter

§361. Applicability of chapter
Notwithstanding any other provisions of law, the provisions of this chapter apply to and supersede any other provision of law governing conservation, liquidation and insolvency of financial institutions organized under the laws of this State.   [PL 2003, c. 322, §14 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §H1 (AMD). PL 2003, c. 322, §14 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §362. Payments restrained to preserve assets or protect depositors

§362. Payments restrained to preserve assets or protect depositors
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 of its depositors, members or investors or more if required by the institution's organizational documents, after due notice, issue an order restraining the institution from paying out its funds or any portion of its funds or from declaring or paying any dividends or deposits for such time as the court considers advisable.
[PL 1997, c. 398, Pt. H, §2 (AMD).]
2.  Authority of court.
The court may at any time revoke or modify the original order and authorize the institution to pay dividends upon its deposits, or pay any portion of its deposits to such as may desire to withdraw the same or make any other or further order that may be necessary to protect the depositors or members of such institution.
[PL 1975, c. 500, §1 (NEW).]
3.  Rights of parties.
Nothing in this section shall be construed to take away the rights of the parties in interest to proceed under sections 365 or 366, subsection 1.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §H2 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §363. Conservation of assets (REPEALED)

§363. Conservation of assets
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1991, c. 34, §4 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §364. Voluntary liquidation

§364. Voluntary liquidation
1.  Application to court.
Whenever, in the opinion of the superintendent and a majority of the governing body of any financial institution or in the opinion of 3/4 of its depositors, members or investors or more if required by the institution's organizational documents, it is inexpedient for any reason for the institution to continue the further prosecution of its business, the governing body may join with the superintendent in an application to the Superior Court for liquidation of the affairs of the institution, or the depositors, members or investors may file such an application with the concurrence of the superintendent.
[PL 1999, c. 218, §19 (AMD).]
2.  Injunction to restrict payments.
Upon presentation of such application, the court may issue an injunction wholly or partially restraining further payment of deposits until further order of court.
[PL 1975, c. 500, §1 (NEW).]
3.  Order to liquidate.
If, after notice and hearing on application, the court is of the opinion that it is inexpedient for the institution to continue the further prosecution of its business, it may make orders and decrees as seem proper for liquidation of the institution's affairs, distribution of its assets, protection of its depositors, members and investors, if any, and the welfare of the community.
[PL 1997, c. 398, Pt. H, §3 (AMD).]
4.  Liquidation proceedings.
Further proceedings on such application may be in the manner provided for liquidation of an insolvent financial institution, or the court may authorize the chief executive officer, president and governing body of such institution then in office to liquidate its affairs under direction of the court.
[PL 1997, c. 398, Pt. H, §3 (AMD).]
5.  Applicability of section 362.
Section 362 is made applicable to such applications.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §H3 (AMD). PL 1999, c. 218, §19 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §366. Mutual institutions: insolvency; bylaws (REPEALED)

§366. Mutual institutions: insolvency; bylaws
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1991, c. 34, §6 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §367. Additional authority in conservation and liquidation (REPEALED)

§367. Additional authority in conservation and liquidation
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 771, §111 (AMD). PL 1991, c. 34, §7 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §368. Additional authority in liquidation

§368. Additional authority in liquidation
1.  Rulemaking.
The superintendent may adopt rules to carry out this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.
[PL 1997, c. 398, Pt. H, §6 (AMD).]
2.  Expenses.
All expenses of the superintendent or the superintendent's assistants incurred in carrying out this chapter must be paid out of the assets of the financial institution in connection with which the expenses were incurred.
[PL 1991, c. 34, §8 (NEW).]
SECTION HISTORY
PL 1991, c. 34, §8 (NEW). PL 1997, c. 398, §H6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 36: CONSERVATION, LIQUIDATION AND INSOLVENCY › 9-B §368-A. FDIC; acquisition of stock

§368-A. FDIC; acquisition of stock
The superintendent may waive the provisions of section 1013 and section 1015 when an equity interest is issued to or acquired by the FDIC in settlement of any liability, fixed or contingent, of a financial institution to the FDIC or in connection with the insolvency or liquidation of the financial institution.   [PL 1997, c. 398, Pt. H, §7 (AMD).]
SECTION HISTORY
PL 1993, c. 538, §3 (NEW). PL 1997, c. 398, §H7 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §371. Applicability of chapter; fees

§371. Applicability of chapter; fees
1.  Applicability.
The provisions of this chapter govern de novo establishment of interstate branches, interstate combinations and interstate branch acquisitions undertaken by a financial institution, out-of-state financial institution, federal association or national bank.
[PL 1995, c. 628, §20 (NEW).]
2.  Fees.
An application or notice required under this chapter is not complete unless accompanied by a fee payable to the Treasurer of State to be credited and used as provided in section 214. The superintendent shall establish the amount of the fee according to the requirements of section 373; the fee may not exceed $2,500.
[PL 1995, c. 628, §20 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §372. Definitions

§372. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1995, c. 628, §20 (NEW).]
1.  De novo branch.
"De novo branch" means a branch of a financial institution, out-of-state financial institution, federal association or national bank, that is originally established by the financial institution as a branch and does not become a branch of that financial institution as a result of the acquisition by the financial institution of a financial institution or the acquisition of a branch of a financial institution or through the conversion, merger or consolidation with that institution or branch.
[PL 1995, c. 628, §20 (NEW).]
2.  Interstate branch acquisition.
"Interstate branch acquisition" means the purchase of one or more branches of a financial institution, out-of-state financial institution, federal association or national bank whose home state is different from the home state of the acquiring financial institution, out-of-state financial institution, federal association or national bank and the transfer of any branches so acquired into branches of the acquiring financial institution, out-of-state financial institution, federal association or national bank.
[PL 1995, c. 628, §20 (NEW).]
3.  Interstate combination.
"Interstate combination" means the merger, acquisition or consolidation of financial institutions, out-of-state financial institutions, federal associations or national banks, that have different home states when the branches of the acquired financial institution, out-of-state financial institution, federal association, or national bank become branches of the resulting financial institution, out-of-state financial institution, federal association or national bank.
[PL 1995, c. 628, §20 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §374. Authority for expedited transactions

§374. Authority for expedited transactions
Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating institution, the superintendent may order that an interstate combination or branch acquisition pursuant to section 373, subsection 1 become effective immediately, if the superintendent determines that the action is necessary for the protection of depositors, shareholders or the public. A person aggrieved by an interstate combination or branch acquisition pursuant to this section is entitled to judicial review of the superintendent's order in accordance with Title 5, chapter 375, subchapter VII.   [PL 1995, c. 628, §20 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §375. Applicable concentration limits

§375. Applicable concentration limits
Any interstate combination or branch acquisition authorized pursuant to this chapter is subject to the deposit concentration limitations set forth in section 241, subsection 10.   [PL 1995, c. 628, §20 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §376. Activities of interstate branches

§376. Activities of interstate branches
1.  Branches of financial institutions organized under the laws of this State.
Pursuant to this chapter, a financial institution organized under the laws of this State that establishes and operates a branch in another state may conduct any activity at that branch that is permissible for a financial institution organized under the laws of the "host state" as defined in section 131, subsection 20‑B. The financial institution shall provide prior written notice of the branch activity to the superintendent if the activity is not permissible in this State.
[PL 1995, c. 628, §20 (NEW).]
2.  Branches of out-of-state financial institutions.
The laws of this State, including, but not limited to, the laws regarding consumer protection, fair lending and establishment of intrastate branches, apply to any state branch of an out-of-state financial institution, federal association or national bank to the same extent as those laws apply to a state branch of a financial institution organized under the laws of this State. An out-of-state financial institution that maintains, or seeks to establish and maintain, a branch in this State pursuant to this chapter may not conduct any activity at that branch that is not permissible for a financial institution organized under the laws of this State.
[PL 1995, c. 628, §20 (NEW).]
3.  Commercial activity prohibited.
An out-of-state financial institution may not establish or maintain a branch in this State within 1.5 miles of any location of an affiliate where the affiliate engages in commercial activity.
[PL 2007, c. 69, §3 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW). PL 2007, c. 69, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §377. Corporate filing requirements

§377. Corporate filing requirements
1.  Applicability of Title 13-C.
An out-of-state financial institution, federal association or national bank with a home state other than this State that seeks to establish and operate a branch in this State as the result of an interstate combination, branch acquisition or de novo establishment pursuant to this chapter shall comply with the filing requirements for foreign corporations under Title 13-C. The approval of the filing of an out-of-state financial institution, federal association or national bank by the Secretary of State does not authorize the operation of a branch in this State by an out-of-state financial institution, federal association or national bank until the notice required pursuant to subsection 2 has been filed.
[RR 2001, c. 2, Pt. B, §13 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
2.  Notice to the superintendent required.
An out-of-state financial institution, federal association or national bank is not authorized to do business in this State pursuant to this chapter until copies of the documents filed with the Secretary of State pursuant to Title 13-C have been received by the superintendent.
[RR 2001, c. 2, Pt. B, §13 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW). RR 2001, c. 2, §B13 (COR). RR 2001, c. 2, §B58 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS › Chapter 37: INTERSTATE BRANCHING, MERGERS, CONSOLIDATIONS AND ACQUISITIONS › 9-B §378. Effective date

§378. Effective date
This chapter takes effect January 1, 1997.   [PL 1995, c. 628, §20 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §20 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §411. Applicability of chapter

§411. Applicability of chapter
The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 31 and 32. The powers, privileges, duties and restrictions conferred and imposed in the charter or act of incorporation of any trust company, savings bank or savings and loan association organized under the prior laws of this State are abridged, enlarged or modified so that every such charter or act of incorporation conforms to this Title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights and privileges and is subject to the duties, restrictions and liabilities conferred and imposed by this Title.   [PL 1997, c. 398, Pt. I, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I1 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §412. General corporate powers

§412. General corporate powers
A financial institution organized under chapter 31 or 32 shall have the power:   [PL 1975, c. 500, §1 (NEW).]
1.
To exist perpetually or as provided for in its organizational documents;
[PL 1997, c. 398, Pt. I, §2 (AMD).]
2.
To sue and be sued in its corporate name, and to participate in any judicial, administrative, arbitrative or other proceeding;
[PL 1975, c. 500, §1 (NEW).]
3.
To adopt and alter a corporate seal, and to use the same or a facsimile thereof;
[PL 1975, c. 500, §1 (NEW).]
4.
To elect, appoint or hire officers, agents and employees of the institution, and to define their duties and fix their compensation;
[PL 1975, c. 500, §1 (NEW).]
5.
To make and alter bylaws not inconsistent with its articles of incorporation or with the laws of this State for the administration and regulation of the affairs of the institution;
[PL 1975, c. 500, §1 (NEW).]
6.
To cease its corporate activities and surrender its corporate franchise;
[PL 1975, c. 500, §1 (NEW).]
7.
To make donations irrespective of corporate benefit for any charitable, philanthropic, scientific, educational, civic betterment or public welfare purpose, as a majority of the directors shall deem appropriate;
[PL 1975, c. 500, §1 (NEW).]
8.
To establish and carry out pension plans, pension trusts, profit sharing plans, stock option plans, stock bonus plans and other incentive plans for any or all of its directors, officers, and employees; and to pay pensions and similar payments to its directors, officers or employees, and their families;
[PL 1975, c. 500, §1 (NEW).]
9.
To reimburse, indemnify and purchase liability insurance for directors, officers, and employees as provided in Title 13‑C, chapter 8, subchapter 5; and
[RR 2001, c. 2, Pt. B, §14 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
10.
To join the Federal Reserve System or the Federal Home Loan Bank or any cooperative league or other entity organized for the purpose of protecting and promoting the welfare of financial institutions and their depositors; and to comply with all conditions of membership therein.
[PL 1997, c. 398, Pt. I, §2 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I2 (AMD). RR 2001, c. 2, §B14 (COR). RR 2001, c. 2, §B58 (AFF).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §412-A. Capital

§412-A. Capital
1.  Requirement.
Every financial institution shall establish and maintain adequate levels of capital as set forth in rules adopted by the superintendent. These rules must address, at a minimum, composition of capital, capital levels that must be maintained and procedures that must be followed to restore capital if it becomes impaired or falls below the minimum standards. Minimum capital levels established by the superintendent may be no less stringent than those applicable to federally chartered institutions with similar charters.
[PL 1991, c. 34, §8 (NEW).]
2.  Exception.
The superintendent may approve, in writing, capital levels below the required minimum as considered necessary or appropriate under the particular circumstances of a financial institution.
[PL 1991, c. 34, §8 (NEW).]
3.  Notification.
[PL 2005, c. 82, §8 (RP).]
3-A.  Approval.
Any issuance considered as capital under subsection 1 or under rules adopted under subsection 1 must be submitted to the superintendent for the superintendent's approval at least 10 days prior to issuance and include any documentation the superintendent considers necessary.
[PL 2005, c. 82, §9 (NEW).]
SECTION HISTORY
PL 1991, c. 34, §8 (NEW). PL 1997, c. 398, §I3 (AMD). PL 2005, c. 82, §§8,9 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §413. Borrowing

§413. Borrowing
A financial institution may borrow money on such terms and conditions as it may determine, issue its notes, bonds and other obligations and secure any of its obligations by mortgage, pledge or other encumbrance of all or any part of its property.   [PL 1997, c. 398, Pt. I, §4 (AMD).]
1.  Capital notes or debentures.
[PL 1997, c. 398, Pt. I, §5 (RP).]
2.  Mortgage-backed securities.
[PL 1997, c. 398, Pt. I, §6 (RP).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §19 (AMD). PL 1997, c. 22, §11 (AMD). PL 1997, c. 398, §§I4-6 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §414. Deposits in financial institutions (REPEALED)

§414. Deposits in financial institutions
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I7 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §415. Participation in public agencies

§415. Participation in public agencies
To the extent authorized by the superintendent pursuant to regulations, a financial institution has the power to participate in a public agency created under the laws of this State or of the United States, the purpose of which is to afford advantages or safeguards to financial institutions, depositors or investors and to comply with all requirements and conditions imposed upon such participants.   [PL 1997, c. 398, Pt. I, §8 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I8 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §416. Powers of federally chartered institutions

§416. Powers of federally chartered institutions
Notwithstanding any other provisions of law, a financial institution has the power to engage in any activity that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government may be authorized to engage in by federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to financial institutions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.   [PL 1997, c. 207, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 207, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §417. Equity interest in Maine financial institutions

§417. Equity interest in Maine financial institutions
A financial institution authorized to do business in this State may acquire more than 5% of the equity interest of any other financial institution authorized to do business in this State or of a Maine financial institution holding company with the prior approval of the superintendent.   [PL 1997, c. 398, Pt. I, §9 (AMD).]
SECTION HISTORY
PL 1983, c. 55, §1 (NEW). PL 1983, c. 597, §1 (AMD). PL 1997, c. 398, §I9 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §418. Acting as agent

§418. Acting as agent
A financial institution or a financial institution not authorized to do business in this State may act as agent for a financial institution, out-of-state financial institution, a financial institution organized under provisions of law of another state, federal association or national bank in accordance with this section.   [PL 1995, c. 628, §21 (NEW).]
1.  Activities.
A financial institution acting as agent may receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations. The list of permitted agency activities may be expanded through rulemaking. Rules adopted pursuant to this section are major substantive rules as defined in Title 5, chapter 375, subchapter II‑A.
[PL 1995, c. 628, §21 (NEW).]
2.  Limitations on activities.
The agreement to act as agent must limit the activities to those specifically permitted under this section or as expanded through rulemaking. The institution acting as agent pursuant to an agency agreement may not be considered a branch of the contracting institution, nor is the contracting institution considered a branch of the institution acting as agent.
[PL 1995, c. 628, §21 (NEW).]
3.  Notice required.
A financial institution entering into an agency agreement shall file notice with the superintendent, in the form and manner prescribed by the superintendent, prior to engaging in the activities permitted under this section.
[PL 1995, c. 628, §21 (NEW).]
4.  Relationship terms.
An agency relationship between institutions must be on terms that are consistent with safe and sound banking practices and the superintendent may adopt rules to supplement the requirements of this section.
[PL 1995, c. 628, §21 (NEW).]
SECTION HISTORY
PL 1995, c. 628, §21 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §419. Investment powers

§419. Investment powers
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).]
SECTION HISTORY
PL 1997, c. 398, §I10 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 41: GENERAL POWERS › 9-B §419-A. Property ownership

§419-A. Property ownership
In addition to real estate owned for offices and facilities pursuant to chapter 33, a financial institution may acquire all property, real, personal and mixed, by mortgage foreclosure, purchase or by any other means and may hold the property for investment purposes and may improve, develop, lease, contract, convey and otherwise exercise control over the property.   [PL 1997, c. 398, Pt. I, §10 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §I10 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §421. Applicability of chapter; tax exemption

§421. Applicability of chapter; tax exemption
1.  Applicability.
The sections of this chapter govern deposits or accounts in financial institutions subject to the provisions of this Title.
[PL 1997, c. 398, Pt. I, §11 (AMD).]
2.  Tax exemption.
All interest-bearing deposits or accounts of whatever type in financial institutions subject to the provisions of this Title are exempt from municipal taxation to said institution, and to the depositors or members of such institution.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I11 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §421-A. General deposit powers

§421-A. General deposit powers
Unless otherwise prohibited by state law, a financial institution may establish the types and terms, including the minimum and maximum amounts that it may accept and the frequency and computation method of paying interest, of deposits that it solicits and accepts. A financial institution may refuse deposits at its pleasure and a financial institution may pledge or hypothecate any of its assets as security for deposits.   [PL 1997, c. 398, Pt. I, §12 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §I12 (NEW).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §422. Insurance of deposits or accounts

§422. Insurance of deposits or accounts
1.  Requirement.
A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC.
[PL 1997, c. 398, Pt. I, §13 (AMD).]
2.  Transition period.
[PL 1981, c. 155, §1 (RP).]
3.  Failure to obtain insurance.
[PL 1981, c. 155, §1 (RP).]
4.  Applicable law.
A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities under the provisions of this Title of the superintendent or of the financial institution so insured.
[PL 1997, c. 398, Pt. I, §13 (AMD).]
5.  Exception.
A financial institution organized pursuant to Part 12 is not required to have its deposits or accounts insured by the FDIC.
[PL 1997, c. 398, Pt. I, §13 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 670 (AMD). PL 1977, c. 621 (AMD). PL 1981, c. 155, §1 (AMD). PL 1995, c. 628, §22 (AMD). PL 1997, c. 398, §I13 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §422-A. Cash reserves on deposits and accounts

§422-A. Cash reserves on deposits and accounts
1.  Requirement.
A financial institution organized under the laws of this State and a credit union organized under the laws of this State shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, Section 19(b), as amended, and any regulations promulgated under it; except that the amount of reserves shall be 100% of the requirements, notwithstanding the Federal Reserve Act, Section 19(b)(8) of that Act.
[PL 1981, c. 155, §2 (NEW).]
2.  Transition period.
Reserves held by a financial institution or credit union to meet the requirements of this section must be in the form prescribed by the Federal Reserve Act, Section 19(c), as amended, and any regulations promulgated under it.
A.   [PL 1997, c. 398, Pt. I, §14 (RP).]
B.   [PL 1997, c. 398, Pt. I, §14 (RP).]
C.   [PL 1997, c. 398, Pt. I, §14 (RP).]
D.   [PL 1997, c. 398, Pt. I, §14 (RP).]
[PL 1997, c. 398, Pt. I, §14 (AMD).]
3.  Assessment for deficiency.
Any deficiency in the cash reserve established pursuant to this section may be subject to an assessment for such period of time as the deficiency may exceed 2% of the required reserves. Any such penalty may be assessed at a rate not to exceed 10% per year.
[PL 1981, c. 155, §2 (NEW).]
4.  Failure to make up deficiency.
If any financial institution or credit union fails to make up a reserve deficiency with a corresponding excess reserve in the reserve computation period immediately following the period in which the deficiency occurred, the superintendent may declare that no loans or investments be made except those loans secured by deposit accounts or investments made in bonds or other obligations issued by the United States or any of its instrumentalities, or issued or guaranteed by this State or issued by any of its instrumentalities, agencies or political subdivisions which is not in default on any of its outstanding funded obligations.
[PL 1981, c. 155, §2 (NEW).]
5.  Reports.
The superintendent may require any financial institution or credit union to furnish such reports as he deems appropriate to properly supervise compliance with the requirements of this section.
[PL 1981, c. 155, §2 (NEW).]
SECTION HISTORY
PL 1981, c. 155, §2 (NEW). PL 1997, c. 398, §I14 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §423. Demand deposits (REPEALED)

§423. Demand deposits
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1981, c. 155, §3 (AMD). PL 1981, c. 198 (AMD). PL 1981, c. 553, §2 (AMD). PL 1981, c. 709 (AMD). PL 1983, c. 34 (AMD). PL 1997, c. 398, §I15 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §424. NOW accounts (REPEALED)

§424. NOW accounts
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §§19-A (AMD). PL 1981, c. 155, §4 (AMD). PL 1997, c. 398, §I16 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §425. Computation of dividends and interest on deposits and accounts (REPEALED)

§425. Computation of dividends and interest on deposits and accounts
(REPEALED)
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §I17 (RP).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §426. Savings deposits or accounts: written notice of withdrawal

§426. Savings deposits or accounts: written notice of withdrawal
1.  Withdrawal notice may be required.
A financial institution may at any time, by resolution of its governing body, require written notice by a savings depositor not to exceed 90 days prior to the repayment of deposits or accounts, or may require similar notice before repaying deposits in excess of $50, or certain classes of savings deposits or accounts.
[PL 1997, c. 398, Pt. I, §18 (AMD).]
2.  Deposit not payable during waiting period.
In the event such notice is required, no such deposit or account shall be due or payable during the required period after the notice shall have been given. If not withdrawn within 15 days after the expiration of the required period following notice, such deposit or account shall not be due and payable under that notice.
[PL 1975, c. 500, §1 (NEW).]
3.  Deposits prior to expiration of waiting period.
The institution may receive any deposit or deposits before expiration of the required period, subject to such regulations as may be imposed by the superintendent.
[PL 1975, c. 500, §1 (NEW).]
4.  Interest earned until actual withdrawal.
The written notice of withdrawal required pursuant to this section does not constitute a withdrawal from the deposit or account until the amounts noticed have been actually withdrawn by the depositor giving such written notice, and interest is earned on these amounts for the period prior to actual withdrawal.
[PL 1997, c. 398, Pt. I, §18 (AMD).]
5.  Exception.
[PL 1997, c. 398, Pt. I, §19 (RP).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §§I18,19 (AMD).
2023 Maine Revised Statutes › TITLE 9-B: FINANCIAL INSTITUTIONS › Part 4: POWERS AND DUTIES OF FINANCIAL INSTITUTIONS › Chapter 42: DEPOSITS IN GENERAL › 9-B §428. Inactive deposits or accounts

§428. Inactive deposits or accounts
All moneys in unclaimed accounts in each financial institution authorized to do business in this State must be disposed of according to Title 33, chapter 45.   [PL 2019, c. 498, §4 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 771, §112 (AMD). PL 1977, c. 707, §2 (RPR). PL 2001, c. 211, §13 (AMD). PL 2019, c. 498, §4 (AMD).