Maine § 9-B §1026 Powers of the superintendent

Maine Statutes

§ 9-B §1026 — Powers of the superintendent

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 10 OTHER FINANCIAL ENTITIES·Ch. 102 MUTUAL TRUST INVESTMENT COMPANIES

1.Rules and regulations. The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other things:

2.Examination. The superintendent shall at least once in each calendar year, and whenever the superintendent deems it necessary or expedient, examine every such mutual trust investment company. On every such examination of a mutual trust investment company, the superintendent shall make inquiry as to its financial condition, the policies of its management, whether it is complying with the laws of this State and such other matters as the superintendent may prescribe. The reasonable expenses of each examination of a mutual trust investment company p

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1.
Rules and regulations.
The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other things:
2.
Examination.
The superintendent shall at least once in each calendar year, and whenever the superintendent deems it necessary or expedient, examine every such mutual trust investment company. On every such examination of a mutual trust investment company, the superintendent shall make inquiry as to its financial condition, the policies of its management, whether it is complying with the laws of this State and such other matters as the superintendent may prescribe. The reasonable expenses of each examination of a mutual trust investment company pursuant to this section must be charged to the company in accordance with the provision of section 214.
3.
Power and authority.
In the enforcement of this chapter and the fulfillment of the superintendent's responsibilities under this chapter, the superintendent has the same power and authority over and with respect to mutual trust investment companies and their directors, officers and employees, including the power to compel the attendance of witnesses and the production of books, records, documents and testimony, the power to require the submission to the superintendent of reports and information in such form and at such times as the superintendent prescribes and the power to direct the discontinuation of any practice that the superintendent considers illegal, unauthorized or unsafe and all other powers and authorities, whether or not specifically mentioned in this subsection, as are given the superintendent by the laws of this State with respect to financial institutions in the same manner and with like effect as if mutual trust investment companies were expressly named in those laws.

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