§321. Applicability of chapter The provisions of this chapter govern the organization and management of financial institutions operating as mutual or cooperative financial institutions. [PL 1997, c. 398, Pt. D, §2 (AMD).] SECTION HISTORY PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §D2 (AMD).
§322. Permission to organize 1. Organizers. Any number of persons, but not less than 20, all of whom must reside in or reside proximate to the geographic area to be served by the institutions, may agree in writing to associate themselves for the purpose of forming a mutual or cooperative financial institution pursuant to this […]
§323. Organization Upon receipt of a certificate of public convenience and advantage and permission to organize pursuant to section 322, the organizers shall comply with the following requirements: [PL 1975, c. 500, §1 (NEW).] 1. Franchise during organization. The organizers set forth in the application for permission to organize, and who subsequently receive permission […]
§324. Corporate finance 1. Initial capital deposits. A. The initial capital deposits required under section 323, subsection 4, for commencing business shall be paid into an account of the institution known as the “capital reserve” account. [PL 1975, c. 500, §1 (NEW).] B. The institution shall record on its books the amount which […]
§325. Corporators and members 1. Corporators of mutual financial institutions. A. The persons named in the articles of incorporation constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated pursuant to the articles of incorporation or bylaws or by death, resignation or disqualification as provided in […]
§326. Board of directors Except as provided in this section and section 327, the management and operations of a financial institution organized under this chapter must be pursuant to Title 13‑C, chapter 8. [PL 2003, c. 528, §1 (AMD).] 1. Directors: number, election, qualifications and term. A. The number of directors on the […]
§327. Officers and employees Except as provided in this section, the powers and duties of officers and directors of a financial institution organized under this chapter must be pursuant to Title 13‑C. [PL 2003, c. 344, Pt. D, §4 (AMD).] 1. Election. Unless another manner for election is provided in the bylaws, the board […]
