Maine Revised Statutes Title 9-B Sec. 1022 – Authority to incorporate
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Terms Used In Maine Revised Statutes Title 9-B Sec. 1022
- mutual trust investment company: means a corporation which is an investment company as defined by an Act of Congress entitled "Investment Company Act of 1940" as amended; and incorporated in compliance with this chapter to constitute a medium for the common investment of trust funds held in a fiduciary capacity, and for true fiduciary purposes, either alone or with one or more cofiduciaries, by State banks with trust powers, trust companies and national banks with trust powers which are located in this State. See Maine Revised Statutes Title 9-B Sec. 1021
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
Any 5 or more state banks with trust powers, trust companies and national banks with trust powers located in this State are authorized to cause a mutual trust investment company to be organized and incorporated, subject to the approval of the superintendent and subject to such regulations as he may prescribe. [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).