Maine § 9-B §1013 Acquisition of interests in financial institutions

Maine Statutes

§ 9-B §1013 — Acquisition of interests in financial institutions

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 10 OTHER FINANCIAL ENTITIES·Ch. 101 FINANCIAL INSTITUTION HOLDING COMPANIES

1.Superintendent's approval. The prior approval of the superintendent is required for any of the following transactions: 1-A. Notification. Notwithstanding subsection 1, any person or company that acquires directly or indirectly more than 5% of the voting shares of a Maine financial institution or Maine financial institution holding company shall within 5 days of the acquisition file with the superintendent a statement containing the following information and any additional information as the superintendent prescribes as necessary or appropriate in the public interest:

2.Acquisition by out-of-state company.

3.Requirements for acquisition or establishment. A financial institution holding company, foreign bank or foreign bank holding company may establish, acquire or maintain control of a

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1.
Superintendent's approval.
The prior approval of the superintendent is required for any of the following transactions:
1-A.
Notification.
Notwithstanding subsection 1, any person or company that acquires directly or indirectly more than 5% of the voting shares of a Maine financial institution or Maine financial institution holding company shall within 5 days of the acquisition file with the superintendent a statement containing the following information and any additional information as the superintendent prescribes as necessary or appropriate in the public interest:
2.
Acquisition by out-of-state company.
3.
Requirements for acquisition or establishment.
A financial institution holding company, foreign bank or foreign bank holding company may establish, acquire or maintain control of a Maine financial institution or Maine financial institution holding company with prior approval of the superintendent, subject to the following conditions.
4.
Application; information on "net new funds" to be brought to Maine.
5.
Regulations.
The superintendent may adopt rules to supplement the requirements of this section.
Notwithstanding the foregoing, a Maine financial institution holding company is not required to obtain the approval of the superintendent for the acquisition of additional shares in a financial institution that the Maine financial institution holding company owned or controlled by a majority of the voting shares prior to the acquisition of additional shares.

Maine § 9-B §1013 (Acquisition of interests in financial institutions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1977, c. 223 (AMD). PL 1979, c. 349 (AMD). PL 1983, c. 55, §3 (AMD). PL 1983, c. 302, §§2,3 (AMD). PL 1983, c. 597, §§2-4 (AMD). PL 1985, c. 642, §§5,6 (AMD). PL 1987, c. 90, §1 (AMD). PL 1989, c. 16, §1 (AMD). PL 1995, c. 628, §§30-33 (AMD). PL 1997, c. 182, §§A7-9 (AMD). PL 2007, c. 79, §§14-19 (AMD).