Maine § 9-B §342 Conversion to new charter: federal to State; State to federal; out of state to State

Maine Statutes

§ 9-B §342 — Conversion to new charter: federal to State; State to federal; out of state to State

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 3 ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS·Ch. 34 CHANGES IN CHARTER AND OWNERSHIP FORM

1.Federal savings bank or savings and loan to state financial institution. Any federal association or federal savings bank may convert to a financial institution organized under the laws of this State in the following manner. A federal savings bank or savings and loan association converting to a financial institution organized under the laws of this State may continue to use the designation "Federal" or "FSB" or derivatives of "Federal" or "FSB" in its corporate title, as long as the converted federal savings bank or savings and loan association also uses the designation "state association" or "S.A." in its corporate title.

2.National bank to financial institution. A national bank may convert to a financial institution organized under the laws of this State in the following manner. A nat

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1.
Federal savings bank or savings and loan to state financial institution.
Any federal association or federal savings bank may convert to a financial institution organized under the laws of this State in the following manner. A federal savings bank or savings and loan association converting to a financial institution organized under the laws of this State may continue to use the designation "Federal" or "FSB" or derivatives of "Federal" or "FSB" in its corporate title, as long as the converted federal savings bank or savings and loan association also uses the designation "state association" or "S.A." in its corporate title.
2.
National bank to financial institution.
A national bank may convert to a financial institution organized under the laws of this State in the following manner. A national bank converting to a financial institution organized under the laws of this State may continue to use the designation "National" or "NA" or derivatives of "National" or "NA" in its corporate title, as long as the converted national bank also uses the designation "state association" or "S.A." in its corporate title.
3.
Thrift institution to federal savings and loan.
4.
Trust company to national bank.
5.
Other conversions.
6.
State to federal charter.
A financial institution organized under provisions of this Title may convert to a federal association or to a national bank in accordance with applicable federal laws and regulations and the following provisions.
7.
Out of state to State charter.
A financial institution organized under the laws of another state may convert to a financial institution organized under the laws of this State in the manner set out in this section.

Maine § 9-B §342 (Conversion to new charter: federal to State; State to federal; out of state to State) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1979, c. 663, §39 (AMD). PL 1983, c. 600, §§2,3 (AMD). PL 1985, c. 647, §6 (AMD). PL 1991, c. 34, §2 (AMD). PL 1991, c. 386, §§5,6 (AMD). PL 1997, c. 398, §F2 (AMD). PL 1999, c. 218, §§17,18 (AMD). PL 2005, c. 82, §§6,7 (AMD). PL 2007, c. 79, §7 (AMD). PL 2009, c. 228, §4 (AMD).