Maine § 24-A §4126 Injunction -- liquidation -- receivership of domestic society

Maine Statutes

§ 24-A §4126 — Injunction -- liquidation -- receivership of domestic society

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 55 FRATERNAL BENEFIT SOCIETIES

1.When the superintendent upon investigation finds that a domestic society:

2.No society so enjoined shall have the authority to do business until:

3.If the court orders the society liquidated, it shall be enjoined from carrying on any further business, whereupon the receiver of the society shall proceed at once to take possession of the books, papers, money and other assets of the society and, under the direction of the court, proceed forthwith to close the affairs of the society and to distribute its funds to those entitled thereto.

4.No action under this section shall be recognized in any court of this State unless brought by the Attorney General upon request of the superintendent. Whenever a receiver is to be appointed for a domestic society, the court shall appoint the superintend

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1.
When the superintendent upon investigation finds that a domestic society:
2.
No society so enjoined shall have the authority to do business until:
3.
If the court orders the society liquidated, it shall be enjoined from carrying on any further business, whereupon the receiver of the society shall proceed at once to take possession of the books, papers, money and other assets of the society and, under the direction of the court, proceed forthwith to close the affairs of the society and to distribute its funds to those entitled thereto.
4.
No action under this section shall be recognized in any court of this State unless brought by the Attorney General upon request of the superintendent. Whenever a receiver is to be appointed for a domestic society, the court shall appoint the superintendent as such receiver.
5.
The provisions of this section relating to hearing by the superintendent, action by the Attorney General at the request of the superintendent, hearing by the court, injunction and receivership shall be applicable to a society which shall voluntarily determine to discontinue business.
6.
Nothing in this section may be construed as limiting the superintendent's authority to take enforcement action under section 12‑A in connection with violations of applicable provisions of this Title.

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