9-B §1227. Rules
§1227. Rules The superintendent may prescribe rules governing the activities of merchant banks and implementing this chapter. These rules must take into account the objective of merchant banks to provide needed capital to businesses and the nondepository nature of merchant banks. Rules adopted pursuant to this section are routine technical rules as defined in Title […]
9-B §1231. General authority and purpose
§1231. General authority and purpose A financial institution that does not accept retail deposits and for which insurance of deposits by the FDIC is not required may be organized pursuant to chapter 31. Unless otherwise indicated in this chapter, an uninsured bank has all the powers, rights, duties and obligations as a financial institution under […]
9-B §1232. Organization of uninsured banks
§1232. Organization of uninsured banks 1. Organization. An uninsured bank must be organized pursuant to chapter 31. [PL 1997, c. 398, Pt. J, §2 (NEW).] 1-A. Principal office in State. Except for an uninsured bank organized prior to the effective date of this subsection, an uninsured bank shall locate its principal office in this […]
9-B §1233. Capital
§1233. Capital An uninsured bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or rules adopted under section 412-A, except that the superintendent may establish different capital maintenance requirements for uninsured banks than those required for insured financial institutions organized under this Title. […]
9-B §1233-A. Asset pledge
§1233-A. Asset pledge 1. Pledge requirement. The superintendent may require an uninsured bank to pledge readily marketable assets to the superintendent if the superintendent believes that the action is necessary for the protection of the public. The pledged assets must be United States dollar denominated, investment grade and subject to the prior written approval of […]
9-B §1234. Cash reserves on deposits and accounts
§1234. Cash reserves on deposits and accounts An uninsured bank shall maintain reserves in accordance with section 422-A. The superintendent may establish by rule or order additional reserve requirements for uninsured banks. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 (NEW).
9-B §1214. Business of nondepository trust companies
§1214. Business of nondepository trust companies 1. General powers. A nondepository trust company has all of the powers of and is entitled to engage in the business of a financial institution, including, without limitation, powers with respect to fiduciary and trust functions and transactions except that a nondepository trust company does not have the power […]
9-B §1235. Lending limits
§1235. Lending limits An uninsured bank’s lending limit is governed by section 439-A or rules adopted under section 439-A, except that loans or extensions of credit to a person are limited to 15% of total capital. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 (NEW).
9-B §1215. Holding companies of nondepository trust companies
§1215. Holding companies of nondepository trust companies If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than nondepository trust companies or merchant banks, a holding company of a nondepository trust company is not subject to the provisions of chapter 101, […]
9-B §1236. Deposits
§1236. Deposits An uninsured bank may not engage in retail deposit activities. The superintendent shall define deposit activities that do not constitute retail deposit activities by rule, taking account of the size or nature of depositors and deposit accounts. [PL 1997, c. 398, Pt. J, §2 (NEW).] SECTION HISTORY PL 1997, c. 398, §J2 […]