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).