§ 9-B §345 — Conversion; investor to mutual ownership

Maine § 9-B §345

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

Text

With the superintendent's approval, and in accordance with the provisions of this section and rules adopted under this section, a financial institution organized under chapter 31 may convert to a financial institution organized under chapter 32, if this conversion is conducted in a manner fair and equitable to its investors, in the following manner.
1.
Procedure.
The governing body must adopt and approve by a 2/3 vote a conversion plan that addresses conditions as the superintendent may require.
1-A.
Vote of investors.
The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting or at a special meeting called for that purpose. Approval requires a majority vote of investors, unless a higher percentage is required by the institution's organizational documents.
2.
Dissenting investor.
The rights of any investors not voting for the conversion plan are as set forth in section 352, subsection 5.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §F5 (AMD).