Maine § 9-B §235 Change of director or senior executive officer

Maine Statutes

§ 9-B §235 — Change of director or senior executive officer

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 2 BUREAU OF FINANCIAL INSTITUTIONS·Ch. 23 CEASE AND DESIST ORDERS; REMOVAL OR CHANGE OF OFFICER OR DIRECTOR

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Filing notice. A financial institution in troubled condition shall file notice with the superintendent at least 30 days prior to adding or replacing a member of its board of directors or governing body, employing a senior executive officer or changing the duties of a senior executive officer so that the senior executive officer would assume a different senior executive officer position. The notice must be in a form and contain content as prescribed by the superintendent. For good cause shown, the superintendent may accept notice of less than 30 days.

3.Approval. The superintendent shall approve or disapprove the notice under subsection 2 within 10 days after

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Filing notice.
A financial institution in troubled condition shall file notice with the superintendent at least 30 days prior to adding or replacing a member of its board of directors or governing body, employing a senior executive officer or changing the duties of a senior executive officer so that the senior executive officer would assume a different senior executive officer position. The notice must be in a form and contain content as prescribed by the superintendent. For good cause shown, the superintendent may accept notice of less than 30 days.
3.
Approval.
The superintendent shall approve or disapprove the notice under subsection 2 within 10 days after the receipt of the notice.

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