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 […]
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 […]
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 […]
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).