§911. Definition “Industrial bank” means a corporation organized under Title 9, Part 5 as repealed on October 1, 1975 and which was, on or before June 1, 1967, making loans and selling certificates of investment, either of fixed or uncertain term, and receiving payments in installments or otherwise, with or without an allowance of interest […]
§912. Capital and management 1. Stock: classes; par value. The capital stock of an industrial bank shall have a par value $100 for each share, and only one class of such stock shall be created. [PL 1975, c. 500, §1 (NEW).] 2. Management. Except as otherwise provided in this chapter, the management and operations […]
§913. Powers In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to: [PL 1975, c. 500, §1 (NEW).] 1. Borrow and lend. Borrow and to lend money, and discount notes and bills of exchange including trade acceptances; [PL 1975, […]
§914. Insurance of certificates of investment Every industrial bank shall comply with the requirements of section 422, relating to insurance of deposits, and shall be deemed a “financial institution” for purposes of that section. [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
§915. Mergers, consolidations and acquisitions 1. Mergers and consolidations. An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws of this State except that any such merger or consolidation must be executed pursuant to the provisions of section 352 or 354 and is subject to the […]
§916. Liquidations and conservation of assets Industrial banks shall be subject to the provisions of chapter 36 relating to voluntary and involuntary liquidations, and the provisions of said chapter relating to conservation and segregation of assets. [PL 1975, c. 500, §1 (NEW).] SECTION HISTORY PL 1975, c. 500, §1 (NEW).
§917. Superintendent’s authority 1. Supervision and examination. An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2. [PL 1975, c. 500, §1 (NEW).] 2. Interest rate ceilings. The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid […]
§918. Unlawful acts No industrial bank authorized to do business in this State shall: [PL 1975, c. 500, §1 (NEW).] 1. Loan limitations; rates of loan to capital and surplus. Hold at any one time the direct obligation or obligations of any one person, firm or corporation for more than 4% of the amount […]
§919. Use of name “industrial bank” No person, firm or corporation shall use, hold itself out as being, or advertise with the name “industrial bank”, except that industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name at and in connection with their principal office and […]
