1. Involuntary termination of authority to operate Maine branch, Maine agency or Maine representative office. The involuntary termination of authority to operate a Maine branch, Maine agency or Maine representative office is governed by the following.
A. Authority to operate a Maine branch, Maine agency or Maine representative office terminates when the parent foreign bank is dissolved or its authority or existence is otherwise terminated or canceled in the country of its organization. [PL 1997, c. 182, Pt. B, §3 (NEW).]
B. The superintendent may terminate a foreign bank’s authority to operate a Maine branch, Maine agency or Maine representative office if the superintendent determines that or has reasonable cause to believe that:

(1) The foreign bank has violated or failed to comply with any of the provisions of this chapter or any of the rules or orders of the superintendent made pursuant to this chapter; or
(2) A conservator is appointed for the foreign bank or a similar proceeding is initiated in the foreign bank’s country of organization. [PL 1997, c. 182, Pt. B, §3 (NEW).]
C. A foreign bank whose authority to operate a Maine branch, Maine agency or Maine representative office is revoked by the superintendent may bring an action challenging the superintendent’s revocation in Superior Court within 10 days of that revocation. The court must uphold the superintendent’s revocation of a foreign bank’s authority to operate a Maine branch, Maine agency or Maine representative office unless the court finds that the superintendent’s action was arbitrary and capricious. [PL 1997, c. 182, Pt. B, §3 (NEW).]

[PL 1997, c. 182, Pt. B, §3 (NEW).]

Terms Used In Maine Revised Statutes Title 9-B Sec. 1326

  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
  • Uphold: The decision of an appellate court not to reverse a lower court decision.
2. Receivership. Whenever the superintendent revokes a foreign bank’s authority to operate a Maine branch or Maine agency or whenever any creditor of that foreign bank has obtained a judgment against the foreign bank arising out of a transaction with a branch or agency in any court of record of the United States or any state of the United States and made application, accompanied by a certificate from the clerk of the court stating that that judgment has been rendered and has remained unpaid for a period of 30 days, or whenever the superintendent becomes satisfied that that foreign bank is insolvent, the superintendent may, after due consideration of its affairs, appoint a receiver who shall take possession of all the property and assets of that foreign bank in Maine pursuant to provisions of chapter 36.

[PL 1997, c. 182, Pt. B, §3 (NEW).]

SECTION HISTORY

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