Maine § 9-B §232 Removal or prohibition of officer or director

Maine Statutes

§ 9-B §232 — Removal or prohibition of officer or director

Maine § 9-B §232

Title 9-BFINANCIAL INSTITUTIONS

Part 2BUREAU OF FINANCIAL INSTITUTIONS

Ch. 23CEASE AND DESIST ORDERS; REMOVAL OR CHANGE OF OFFICER OR DIRECTOR

This text of Maine § 9-B §232 (Removal or prohibition of officer or director) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §232 (2026).

Text

The superintendent may remove any officer or director of a financial institution organized pursuant to this Title or any officer of a branch of an out-of-state financial institution authorized to do business in this State or any officer or director of a financial institution holding company, in accordance with the procedures and subject to the conditions and limitations set forth in this section. The superintendent may prohibit an officer or director of a financial institution, financial institution holding company or branch of an out-of-state financial institution from participating in any manner in the conduct of the affairs of a financial institution, financial institution holding company or branch of an out-of-state financial institution if the superintendent determines that such actio

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

The superintendent may remove any officer or director of a financial institution organized pursuant to this Title or any officer of a branch of an out-of-state financial institution authorized to do business in this State or any officer or director of a financial institution holding company, in accordance with the procedures and subject to the conditions and limitations set forth in this section. The superintendent may prohibit an officer or director of a financial institution, financial institution holding company or branch of an out-of-state financial institution from participating in any manner in the conduct of the affairs of a financial institution, financial institution holding company or branch of an out-of-state financial institution if the superintendent determines that such action is necessary for the protection of the public, the financial institution, financial institution holding company or out-of-state financial institution or the interests of the institution's depositors or creditors.
1.
Grounds for removal.
The superintendent may serve written notice of intent to remove an officer or director from office or to prohibit further participation by the officer or director in any manner in the conduct of the affairs of a financial institution or financial institution holding company if:
1-A.
Additional grounds for removal.
The superintendent may serve written notice of intent to remove an officer or director from office or to prohibit further participation by the officer or director in any manner in the conduct of the affairs of a financial institution or financial institution holding company if:
2.
Notice of intent to remove.
3.
Effect of notice.
4.
Stay of suspension or prohibition.
An officer or director adversely affected by a suspension or prohibition contained in a written notice pursuant to subsection 3 may apply to the Superior Court in the county where the financial institution of which the individual is an officer or director has its main office or in the Superior Court of Kennebec County for a stay of the suspension or prohibition pending completion of administrative proceedings required under this section, and that court has jurisdiction to stay the suspension or prohibition.
5.
Hearing.
6.
Effective date.
7.
Participation in a felony.
8.
Prohibition on participation in banking industry.
An officer or director may be prohibited from participating in the banking industry in accordance with the following.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1977, c. 694, §156 (AMD). PL 1979, c. 429, §§4,5 (AMD). PL 1987, c. 402, §A86 (AMD). PL 1993, c. 538, §2 (AMD). PL 1995, c. 628, §17 (AMD). RR 1997, c. 2, §35 (COR). PL 1997, c. 182, §§C1-7 (AMD). PL 1997, c. 660, §§A1-5 (AMD). PL 2005, c. 83, §§2-5 (AMD). RR 2025, c. 1, Pt. D, §§9, 10 (COR).