§ 9-B §1054 — Corporate existence and powers

Maine § 9-B §1054

• Jurisdiction: Maine
• Title 9-B: FINANCIAL INSTITUTIONS
• Part 10: OTHER FINANCIAL ENTITIES
• Ch. 105: MUTUAL HOLDING COMPANY

Text

1.
Legal existence.
Upon the reorganization of a mutual financial institution pursuant to this chapter, the legal existence of the mutual financial institution shall not terminate, but shall continue, not as a deposit-taking institution, but as a mutual holding company.
2.
Governance.
A mutual holding company must be governed by a board of corporators in accordance with the charter and bylaws of the mutual holding company, as adopted or amended, in connection with a reorganization authorized under this chapter or as amended by the corporators thereafter. The corporators shall elect a board of directors provided that the superintendent has the authority to comment upon the composition of the board. The corporators and the board of directors are governed by and authorized to undertake the activities as set forth in sections 325 and 326. With respect to a mutual holding company that has been formed through the reorganization of a savings bank, the board of corporators initially consists of the board of corporators of the savings bank as constituted pursuant to section 325. The corporators, after the formation of the mutual holding company, continue to serve as corporators for the balance of the terms to which they are elected under section 325.
3.
Powers.
A mutual holding company may:

Legislative History

PL 1985, c. 558 (NEW). PL 1993, c. 257, §§7,8 (AMD). PL 2009, c. 228, §15 (AMD). RR 2013, c. 2, §10 (COR). PL 2021, c. 5, §3 (AMD).