Maine § 9-B §1221 General purpose and authority

Maine Statutes

§ 9-B §1221 — General purpose and authority

Maine § 9-B §1221

Title 9-BFINANCIAL INSTITUTIONS

Part 12SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS

Ch. 122MERCHANT BANKS

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Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §1221 (2026).

Text

A merchant bank is a financial institution organized under the provisions of this Title whose activities are generally limited to lending and investing as well as trust or fiduciary matters. Deposit activity is prohibited. Unless otherwise indicated in this chapter, a merchant bank has all the powers, duties and obligations of a financial institution under this Title. As one of the purposes of merchant banks is to provide needed capital or investments to businesses that may be impermissible or imprudent for depository financial institutions, its lending and investment activities are less restricted.

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A merchant bank is a financial institution organized under the provisions of this Title whose activities are generally limited to lending and investing as well as trust or fiduciary matters. Deposit activity is prohibited. Unless otherwise indicated in this chapter, a merchant bank has all the powers, duties and obligations of a financial institution under this Title. As one of the purposes of merchant banks is to provide needed capital or investments to businesses that may be impermissible or imprudent for depository financial institutions, its lending and investment activities are less restricted.