Maine Revised Statutes Title 35-A Sec. 2907 – Prohibited acts and limitation of powers
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Nothing in this chapter permits or authorizes the bank to: [PL 1987, c. 141, Pt. A, §6 (NEW).]
1. Loans. Make loans of money to any person other than a public utility or purchase securities issued by any person other than a public utility or for investment, except as provided in this chapter;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 2907
- Bank: means the Maine Public Utility Financing Bank created by this chapter. See Maine Revised Statutes Title 35-A Sec. 2903
- Chapter: means the Maine Public Utility Financing Bank Act. See Maine Revised Statutes Title 35-A Sec. 2903
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes a corporation, partnership, limited partnership, limited liability company, limited liability partnership, association, trust, estate, any other legal entity or natural person. See Maine Revised Statutes Title 35-A Sec. 102
- Public utility: means any transmission and distribution utility, water utility or gas utility that is subject to the jurisdiction of the commission. See Maine Revised Statutes Title 35-A Sec. 2903
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Banking business. Issue bills of credit; accept deposits of money for time or demand deposit; administer trusts; engage in any manner in, or in the conduct of, any private or commercial banking business; or act as a savings bank or savings and loan association;
[PL 1987, c. 141, Pt. A, §6 (NEW).]
3. Bank and trust company. Be or constitute a bank or trust company within the jurisdiction or under the control of the Bureau of Financial Institutions, the Superintendent of Financial Institutions, the Comptroller of the Currency of the United States or the United States Department of the Treasury;
[PL 1987, c. 141, Pt. A, §6 (NEW); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).]
4. Security business. Be or constitute a dealer in securities within the meaning of or subject to any securities law, securities exchange law or securities dealers law of the United States, of this State or of any other state or jurisdiction; or
[PL 1987, c. 141, Pt. A, §6 (NEW).]
5. Public utility. Be a public utility or own and operate for its own account, and not as part of a financing undertaken pursuant to this chapter, any public utility plant, system or facility.
[PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW). PL 2001, c. 44, §11 (AMD). PL 2001, c. 44, §14 (AFF).