Maine § 9-B §327 Officers and employees

Maine Statutes

§ 9-B §327 — Officers and employees

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

Except as provided in this section, the powers and duties of officers and directors of a financial institution organized under this chapter must be pursuant to Title 13‑C.

1.Election. Unless another manner for election is provided in the bylaws, the board of directors shall elect annually from its members a chair and, from its members or otherwise, a president, one or more vice presidents, a clerk or secretary, a treasurer and such other officers as it may consider advisable. Officers so elected serve for a term of not more than one year, but continue in office until their successors are elected and qualified. If any office becomes vacant during the year, the board may immediately fill the same for the period remaining until the next annual meeting for election of officers.

2.Compensatio

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Except as provided in this section, the powers and duties of officers and directors of a financial institution organized under this chapter must be pursuant to Title 13‑C.
1.
Election.
Unless another manner for election is provided in the bylaws, the board of directors shall elect annually from its members a chair and, from its members or otherwise, a president, one or more vice presidents, a clerk or secretary, a treasurer and such other officers as it may consider advisable. Officers so elected serve for a term of not more than one year, but continue in office until their successors are elected and qualified. If any office becomes vacant during the year, the board may immediately fill the same for the period remaining until the next annual meeting for election of officers.
2.
Compensation.
The compensation of officers shall be fixed by the board of directors.
3.
Powers of officers.
Each officer shall have such powers as the bylaws may provide or as may be delegated by the board. In addition, an officer may exercise the powers set forth below:
4.
Oath of office.
5.
Bonds.
The directors shall require security for the fidelity and faithful performance of duties by its officers, employees and agents, in such amount as the directors shall deem necessary or as the superintendent may require. Such security shall consist of a bond executed by one or more surety companies authorized to transact business in this State. The superintendent may increase such amount from time to time as circumstances may require. The expense of such bond shall be assumed by the institution.
6.
Removal of officers or employees.

Maine § 9-B §327 (Officers and employees) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1979, c. 170, §2 (AMD). PL 1979, c. 663, §38 (AMD). PL 1981, c. 501, §31 (AMD). PL 1997, c. 398, §§D16,17 (AMD). PL 2003, c. 344, §§D4,5 (AMD). RR 2025, c. 1, Pt. D, §§23, 24 (COR).