Maine § 9-B §324 Corporate finance

Maine Statutes

§ 9-B §324 — Corporate finance

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.Initial capital deposits.

2.Return of initial capital deposit. The initial capital deposits, together with any dividends or interest credited thereon, may be returned, pro rata, to the contributors, or their heirs, executors, administrators or assigns, subject to the following conditions and limitations:

3.Capital debentures as capital reserve. Subject to prior approval of the superintendent, a financial institution may issue capital notes or debentures, the proceeds from the sale of which may be used in lieu of capital deposits to establish part of the capital reserve required in subsection 1, provided that:

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1.
Initial capital deposits.
2.
Return of initial capital deposit.
The initial capital deposits, together with any dividends or interest credited thereon, may be returned, pro rata, to the contributors, or their heirs, executors, administrators or assigns, subject to the following conditions and limitations:
3.
Capital debentures as capital reserve.
Subject to prior approval of the superintendent, a financial institution may issue capital notes or debentures, the proceeds from the sale of which may be used in lieu of capital deposits to establish part of the capital reserve required in subsection 1, provided that:

Maine § 9-B §324 (Corporate finance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.