9-B §1020. Annual reports to the Legislature (REPEALED)
§1020. Annual reports to the Legislature (REPEALED) SECTION HISTORY PL 1983, c. 597, §5 (NEW). PL 1983, c. 816, §B3 (RP).
9-B §1021. Definition
§1021. Definition As used in this chapter, the term “mutual trust investment company” means a corporation which is an investment company as defined by an Act of Congress entitled “Investment Company Act of 1940”, as amended; and incorporated in compliance with this chapter to constitute a medium for the common investment of trust funds held […]
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 §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 […]