§1011. Definitions As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1977, c. 663, §57 (RPR).] 1. Financial institution holding company. “Financial institution holding company” means any company which has control over any financial institution or has control over any company which controls any financial […]
§1012. Registration 1. Requirements. Any company that controls one or more Maine financial institutions shall register with the superintendent in accordance with procedures established by him. [PL 1975, c. 500, §1 (NEW).] 2. Time limitation. Unless the superintendent allows an additional time, registration must be completed within 180 days after October 1, 1975, or […]
§1013. Acquisition of interests in financial institutions 1. Superintendent’s approval. The prior approval of the superintendent is required for any of the following transactions: A. Acquisition of control of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution, by any person or […]
§1014. Closely-related activities 1. Permissible activities. A Maine financial institution holding company may engage in any closely related activity or any other activity with the prior permission of the superintendent. [PL 1997, c. 398, Pt. K, §9 (AMD).] 2. Termination of nonpermissible activities. A financial institution holding company that is engaged in an activity […]
§1015. Applications 1. Requirements. Except as provided in subsection 5, approval of the superintendent must be obtained for the following actions: A. Acquisition by a person or company of control of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution; [PL […]
§1016. Reports and examinations The superintendent may require any financial institution holding company that controls a Maine financial institution to furnish such reports as the superintendent considers appropriate to the proper supervision of such companies. Unless the superintendent determines otherwise, reports prepared for Federal authorities or, in the case of a foreign bank or foreign […]
§1017. Conformity with Federal procedures To the maximum extent consistent with the effective discharge of the superintendent’s responsibilities, the forms established under this chapter for registration, applications and reports must conform with those established under either the Bank Holding Company Act of 1956 or section 408 of the National Housing Act, or the federal International […]
§1018. Exclusion The superintendent may exclude financial institution holding companies or other companies from the provisions of this chapter when control of a Maine financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in securing or collecting a debt. […]
§1019-A. Notification of superintendent; purchase of own shares A Maine financial institution holding company shall provide the superintendent with prior notification regarding the following transactions: [PL 1991, c. 386, §27 (AMD).] 1. Issuance of stock, capital notes or debentures. The issuance of equity interest, capital notes or debentures with an original maturity of 3 […]
§1019. Prohibitions 1. Prohibited practices. To the extent provided for therein, financial institution holding companies subject to the laws of this State shall be subject to chapters 24 and 46. [PL 1975, c. 500, §1 (NEW).] 2. Penalties. Any person or company violating any provision of this chapter, or any regulation promulgated thereunder, is […]
§1020. Annual reports to the Legislature (REPEALED) SECTION HISTORY PL 1983, c. 597, §5 (NEW). PL 1983, c. 816, §B3 (RP).
