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 […]
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. […]
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 […]
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. […]
9-B §1024. Corporate powers; stock ownership
§1024. Corporate powers; stock ownership 1. Ownership. The stock of a mutual trust investment company shall be owned only by State banks with trust powers, trust companies and national banks with trust powers located in this State, acting as fiduciaries, and their individual cofiduciaries, if any, but may be registered in the name of their […]
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 […]
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 […]
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 §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” […]
9-B §1053. Formation of mutual holding company
§1053. Formation of mutual holding company 1. Reorganization. Notwithstanding any other provision of law, a mutual financial institution may reorganize so as to become a mutual holding company by: A. Chartering, pursuant to chapter 31, a subsidiary universal bank; and [PL 2009, c. 228, §11 (AMD).] B. Transferring a substantial part of its […]