§ 24-A §4135 — Examination of domestic societies

Maine § 24-A §4135

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 55: FRATERNAL BENEFIT SOCIETIES

Text

The superintendent, or any person the superintendent may appoint, has the power of visitation and examination into the affairs of any domestic society and the superintendent shall make such examination at least once in every 3 years. The superintendent may employ assistants for the purpose of such examination, and the superintendent, or any person the superintendent may appoint, has free access to all books, papers and documents that relate to the business of the society. The minutes of the proceedings of the supreme legislative or governing body and of the board of directors or corresponding body of a society must be in the English language. In making any such examination the superintendent may summon and qualify as witnesses under oath and examine its officers, agents and employees or other persons in relation to the affairs, transactions and condition of the society. A summary of the report of the superintendent and such recommendations or statements of the superintendent as may accompany such report must be read at the first meeting of the board of directors or corresponding body of the society following the receipt thereof, and if directed so to do by the superintendent, must also be read at the first meeting of the supreme legislative or governing body of the society following the receipt thereof. A copy of the report, recommendations and statements of the superintendent must be furnished by the society to each member of such board of directors or other governing body. The expense of each examination and of each valuation, including compensation and actual expense of examiners, must be paid by the society examined or whose certificates are valued, upon statements furnished by the superintendent.

Legislative History

PL 1969, c. 132, §1 (NEW). PL 1973, c. 585, §12 (AMD). RR 2021, c. 1, Pt. B, §337 (COR).