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 §1013. Acquisition of interests in financial institutions
§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 […]
9-B §1014. Closely-related activities
§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 […]
9-B §1015. Applications
§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 […]
9-B §1016. Reports and examinations
§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 […]