§ 9-B §354 — Mergers and consolidations; investor-owned and mutual financial institutions

Maine § 9-B §354

• Jurisdiction: Maine
• Title 9-B: FINANCIAL INSTITUTIONS
• Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS
• Ch. 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS

Text

1.
Resulting mutual financial institution.
An investor-owned financial institution may be merged into or consolidated with a mutual financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subsection.
2.
Resulting investor-owned institution.
Except as the superintendent may authorize pursuant to section 354‑A, a mutual financial institution may not merge into an investor-owned institution organized under the laws of this State without prior compliance with section 344 and all rules adopted under that section. In accordance with section 1054, subsection 3, paragraph B, a mutual holding company may acquire a mutual financial institution or mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company without prior compliance with section 344 and all rules adopted under that section.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1997, c. 22, §10 (AMD). PL 1997, c. 398, §G4 (AMD). PL 2021, c. 5, §1 (AMD).