1. Authority. A foreign bank may convert a Maine representative office to a Maine agency or Maine branch, or convert a Maine agency to a Maine representative office or a Maine branch, or convert a Maine branch to a Maine agency or Maine representative office with the prior approval of the superintendent. A foreign bank may also convert a federal branch or agency to a Maine branch or Maine agency.

[PL 1997, c. 182, Pt. B, §3 (NEW).]

Terms Used In Maine Revised Statutes Title 9-B Sec. 1324

  • Agency: means any office or any place of business of a foreign bank located in any state of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent, but at which deposits may not be accepted from persons who are citizens or residents of the United States. See Maine Revised Statutes Title 9-B Sec. 1311
  • Branch: means any office or any place of business of a foreign bank located in any state of the United States at which deposits are received. See Maine Revised Statutes Title 9-B Sec. 1311
  • Federal branch: means a branch of a foreign bank established and operating pursuant to Section 4 of the federal International Banking Act of 1978. See Maine Revised Statutes Title 9-B Sec. 1311
  • Maine agency: means an agency of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
  • Maine branch: means a branch of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
  • Maine representative office: means a representative office located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
  • Representative office: means any office of a foreign bank that is located in any state and is not a federal branch, federal agency, state branch, state agency or subsidiary of a foreign bank. See Maine Revised Statutes Title 9-B Sec. 1311
  • Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Applications. Applications for prior approval of conversions must be processed in accordance with sections 252 and 253 or section 1315 as appropriate.

[PL 1997, c. 182, Pt. B, §3 (NEW).]

SECTION HISTORY

PL 1997, c. 182, §B3 (NEW).
  Previous section
Next section  
 Chapter 131 Contents