Maine § 9-B §913 Powers

Maine Statutes

§ 9-B §913 — Powers

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 9 INDUSTRIAL BANKS

In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to:

1.Borrow and lend. Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;

2.Investments. Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55.

3.FHA insured loans. Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act.

4.Certificates of investment. Sell certificates of investment, either of fixed or of uncertain term; and

5.Branches. Establish branch or agency offices in accordance with c

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In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to:
1.
Borrow and lend.
Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;
2.
Investments.
Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55.
3.
FHA insured loans.
Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act.
4.
Certificates of investment.
Sell certificates of investment, either of fixed or of uncertain term; and
5.
Branches.
Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967.

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