Maine § 9-B §353 Mergers and consolidations; mutual financial institutions

Maine Statutes

§ 9-B §353 — Mergers and consolidations; mutual financial institutions

Maine § 9-B §353

Title 9-BFINANCIAL INSTITUTIONS

Part 3ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS

Ch. 35MERGERS, CONSOLIDATIONS AND ACQUISITIONS

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Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §353 (2026).

Text

Any 2 or more mutual financial institutions authorized to do business in this State may merge or consolidate into one mutual financial institution organized under chapter 32 in accordance with the procedures and subject to the conditions and limitations set forth in this section.

1.Adoption of plan. The governing body of each participating institution shall adopt, by a majority vote or higher if required by its organizational documents, a plan of merger or consolidation on such terms as are mutually agreed upon. The plan must include:

2.Superintendent's approval. 2-A. Superintendent's approval. The superintendent shall approve the plan of merger or consolidation in accordance with section 351, subsection 3.

3.Vote of mutual voters. The plan of merger or consolidation, as approved by the

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Any 2 or more mutual financial institutions authorized to do business in this State may merge or consolidate into one mutual financial institution organized under chapter 32 in accordance with the procedures and subject to the conditions and limitations set forth in this section.
1.
Adoption of plan.
The governing body of each participating institution shall adopt, by a majority vote or higher if required by its organizational documents, a plan of merger or consolidation on such terms as are mutually agreed upon. The plan must include:
2.
Superintendent's approval.
2-A.
Superintendent's approval.
The superintendent shall approve the plan of merger or consolidation in accordance with section 351, subsection 3.
3.
Vote of mutual voters.
The plan of merger or consolidation, as approved by the superintendent, must be submitted to the mutual voters of the participating institutions for their approval at an annual meeting, or at a special meeting called for that purpose, in accordance with section 351, subsection 4 and with the following requirements.
4.
Executed plan; certificate; effective date.
The executed plan, certificate and effective date must be in accordance with section 351, subsection 5.
5.
Federally-chartered institution as participant.
If one of the parties to a merger or consolidation is a federally chartered mutual financial institution, the participants shall comply with all requirements imposed by federal law for such merger or consolidation and provide evidence of such compliance to the superintendent as a condition precedent to the issuance of a certificate in section 351, subsection 5 relating to such merger or consolidation.