9-B §1223. Capital
§1223. Capital 1. Initial capital. [PL 1999, c. 539, §2 (RP).] 2. Capital. A merchant bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or any rules adopted under section 412-A. The superintendent may establish different capital maintenance standards for merchant banks than […]
9-B §1223-A. Asset pledge
§1223-A. Asset pledge 1. Pledge requirement. The superintendent may require a merchant 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 §1224. Business of merchant banks; power; limitations
§1224. Business of merchant banks; power; limitations 1. Business of merchant banks. Except as provided in this chapter, a merchant bank has all the powers of and is entitled to engage in the business of a financial institution, including, without limitation, powers with respect to investments, loans, fiduciary and trust functions and transactions. [PL […]
9-B §1225. Insider loans and investments
§1225. Insider loans and investments The terms of any loans by a merchant bank to or investments by a merchant bank in any of the following must be disclosed to the governing body of the merchant bank: [PL 1997, c. 398, Pt. J, §2 (NEW).] 1. Percentage of common stock. A person who owns […]
9-B §1226. Holding companies of merchant banks
§1226. Holding companies of merchant banks 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 a merchant bank or a nondepository trust company, a holding company of a merchant bank is not subject to the provisions of chapter 101, […]
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 […]