Maine § 9-B §322 Permission to organize

Maine Statutes

§ 9-B §322 — Permission to organize

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 3 ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS·Ch. 32 ORGANIZATION AND MANAGEMENT OF MUTUAL AND COOPERATIVE FINANCIAL INSTITUTIONS

1.Organizers. Any number of persons, but not less than 20, all of whom must reside in or reside proximate to the geographic area to be served by the institutions, may agree in writing to associate themselves for the purpose of forming a mutual or cooperative financial institution pursuant to this chapter.

2.Application to organize. The organizers set forth in subsection 1 shall file with the superintendent an application for permission to organize a mutual or cooperative financial institution, which application must contain the following:

3.Publication of notice. After determining that the application required in subsection 2 is complete, the superintendent shall advise the organizers to publish within 15 days of such advice, a notice in such form as the superintendent may prescribe. Su

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1.
Organizers.
Any number of persons, but not less than 20, all of whom must reside in or reside proximate to the geographic area to be served by the institutions, may agree in writing to associate themselves for the purpose of forming a mutual or cooperative financial institution pursuant to this chapter.
2.
Application to organize.
The organizers set forth in subsection 1 shall file with the superintendent an application for permission to organize a mutual or cooperative financial institution, which application must contain the following:
3.
Publication of notice.
After determining that the application required in subsection 2 is complete, the superintendent shall advise the organizers to publish within 15 days of such advice, a notice in such form as the superintendent may prescribe. Such notice shall appear at least once a week for 3 successive weeks in one or more newspapers of general circulation in the county where the financial institution is to be established, or in such other newspapers as the superintendent may designate. Such published notice shall specify the names, addresses and occupations of the organizers and directors, the type of institution to be organized, and the name of the institution and its location, as set forth in the application for permission to organize. The superintendent may require individual notice to any person or corporation, and may require that one of such publications contain the information required under section 252, subsection 2.
4.
Permission from superintendent.
5.
Minimum initial capital contribution deposits.
6.
Effect of denial.
If the superintendent denies permission to organize or refuses to issue a certificate of public convenience and advantage, the application may be renewed in the manner provided in this section after one year from the date of such denial.

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Legislative History

PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §D3 (AMD). PL 1997, c. 398, §D4 (AMD). PL 1997, c. 398, §D5 (AMD). PL 1997, c. 398, §D6 (AMD). PL 2021, c. 508, §3 (AMD). RR 2025, c. 1, Pt. D, §18 (COR).