Maine Revised Statutes Title 9-B Sec. 1052 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1985, c. 558 (NEW).]
1. Mutual financial institution. “Mutual financial institution” means any institution as defined in section 131, subsection 27.
[PL 1985, c. 558 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1052
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Mutual holding company: means any corporation organized pursuant to this chapter. See Maine Revised Statutes Title 9-B Sec. 1052
- Subsidiary: means a corporation, partnership, business trust, association or similar organization, all of which are referred to in this subsection as "another company" owned or controlled by a financial institution or financial institution holding company. See Maine Revised Statutes Title 9-B Sec. 131
- Universal bank: means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to October 1, 1975 or established pursuant to this Title. See Maine Revised Statutes Title 9-B Sec. 131
2. Mutual holding company. “Mutual holding company” means any corporation organized pursuant to this chapter.
[PL 1985, c. 558 (NEW).]
3. Subsidiary universal bank. “Subsidiary universal bank” means any universal bank organized under the laws of this State, at least 51% of the voting stock of which is wholly owned by a mutual holding company.
[PL 2009, c. 228, §10 (AMD).]
SECTION HISTORY
PL 1985, c. 558 (NEW). PL 1993, c. 257, §4 (AMD). PL 2009, c. 228, §10 (AMD).