Maine § 9-B §355 Acquisition of assets; assumption of liabilities

Maine Statutes

§ 9-B §355 — Acquisition of assets; assumption of liabilities

Maine § 9-B §355

Title 9-BFINANCIAL INSTITUTIONS

Part 3ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS

Ch. 35MERGERS, CONSOLIDATIONS AND ACQUISITIONS

This text of Maine § 9-B §355 (Acquisition of assets; assumption of liabilities) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §355 (2026).

Text

A financial institution organized under the laws of this State may acquire the assets of, or assume the liabilities of, any other financial institution authorized to do business in this State, 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 the acquiring or assuming institution and the governing body of the transferring institution shall adopt by majority vote a plan for acquisition, assumption or sale on terms that 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 investors or mutual voters. If the transa

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A financial institution organized under the laws of this State may acquire the assets of, or assume the liabilities of, any other financial institution authorized to do business in this State, 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 the acquiring or assuming institution and the governing body of the transferring institution shall adopt by majority vote a plan for acquisition, assumption or sale on terms that 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 investors or mutual voters.
If the transaction involves all or substantially all of the assets or liabilities of the transferring institution or if the transferring institution's organizational documents require, the plan of acquisition, assumption or sale must be presented to the investors or mutual voters of the transferring institution for their approval, and their approval must be obtained in accordance with section 351, subsection 4. If the approval of investors is required, then investors dissenting to the transaction have the rights set forth in section 352, subsection 5.
4.
Executed plan; certificate; effective date.
5.
Federally chartered institution as participant.
If one of the participants in a transaction under this section is a federally chartered institution, all participants shall comply with such requirements as may be imposed by federal law for such an acquisition, assumption or sale and provide evidence of such compliance to the superintendent as a condition precedent to the issuance of a certificate in subsection 4, paragraph B relating to such acquisition, assumption or sale; provided that if the purchasing or assuming institution is a federally chartered institution, approval by the superintendent is not required.
6.
Investor-owned institution acquiring mutual financial institution.
A mutual financial institution may not sell all or substantially all of its assets to an investor-owned institution without prior compliance with section 344 and all rules adopted under section 344.
7.
Other sections.

Sections 357 and 358 apply to acquisitions, assumptions and sales made pursuant to this section.
8.
Applicability.
This section does not apply to a transfer of assets of a financial institution in the ordinary course of business that does not include any assumption of deposit liabilities.