Maine § 9-B §468 Restrictions on transactions with affiliates

Maine Statutes

§ 9-B §468 — Restrictions on transactions with affiliates

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 4 POWERS AND DUTIES OF FINANCIAL INSTITUTIONS·Ch. 46 PROHIBITIONS

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Authorization. A financial institution and its subsidiaries may engage in a transaction with an affiliate subject to the following conditions:

3.Covered transactions. In addition to the requirements of subsection 2, a financial institution and its subsidiaries may engage in a covered transaction with an affiliate subject to the following limitations:

4.Prohibited transactions. The following transactions are prohibited.

5.Violations. Any transaction made in violation of this section is subject to the remedies prescribed in section 465‑A.

6.Rulemaking. The superintendent may, by rule or order, define or further define terms used in this section and establis

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Authorization.
A financial institution and its subsidiaries may engage in a transaction with an affiliate subject to the following conditions:
3.
Covered transactions.
In addition to the requirements of subsection 2, a financial institution and its subsidiaries may engage in a covered transaction with an affiliate subject to the following limitations:
4.
Prohibited transactions.
The following transactions are prohibited.
5.
Violations.
Any transaction made in violation of this section is subject to the remedies prescribed in section 465‑A.
6.
Rulemaking.
The superintendent may, by rule or order, define or further define terms used in this section and establish limits, requirements or exceptions to this section other than those specified in this section, if the superintendent determines such action is necessary for the protection of depositors or the public and is consistent with the purposes of this section. For institutions organized pursuant to Part 12, the superintendent may, by rule or order, define or further define the terms used in this section and establish limits, requirements or exceptions to this section other than those specified in this section, if the superintendent determines that such action is consistent with the powers and limitations accorded institutions organized pursuant to Part 12. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II‑A.