Maine § 30-A §5714 Financial institution stock and other obligations

Maine Statutes

§ 30-A §5714 — Financial institution stock and other obligations

Maine·Title 30-A MUNICIPALITIES AND COUNTIES·Part 2 MUNICIPALITIES·Ch. 223 MUNICIPAL FINANCES

1.Municipalities may invest in:

2.Limitations. A municipality shall not acquire or hold stock and obligations described in subsection 1 in excess of 30% of the total assets of the reserve fund, permanent trust fund or other permanent fund being invested; nor shall it acquire or hold stock and obligations of any one bank or holding company not operating in this State in excess of 5% of the total assets of the reserve fund, permanent trust fund or other permanent fund being invested; nor shall any such fund be invested in that stock in excess of 10% of the capital stock of any one bank or holding company.

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Municipalities may invest in:
2.
Limitations.
A municipality shall not acquire or hold stock and obligations described in subsection 1 in excess of 30% of the total assets of the reserve fund, permanent trust fund or other permanent fund being invested; nor shall it acquire or hold stock and obligations of any one bank or holding company not operating in this State in excess of 5% of the total assets of the reserve fund, permanent trust fund or other permanent fund being invested; nor shall any such fund be invested in that stock in excess of 10% of the capital stock of any one bank or holding company.

Maine § 30-A §5714 (Financial institution stock and other obligations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.