Maine Revised Statutes Title 9-B Sec. 318 – Dividends, distributions and withdrawals
Current as of: 2023 | Check for updates
|
Other versions
1. Limitation. A financial institution organized pursuant to this chapter may not authorize dividends, distributions or withdrawals that reduce capital below the higher of the amount required under the certificate of public convenience and advantage or section 412-A without the prior approval of the superintendent.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 318
- capital: means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves; [PL 1997, c. See Maine Revised Statutes Title 9-B Sec. 131
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Form. Dividends, distributions and withdrawals must be in cash or in additional shares, members’ interests or partnership interests unless otherwise authorized by the superintendent.
[PL 1997, c. 398, Pt. C, §17 (NEW).]
SECTION HISTORY
PL 1997, c. 398, §C17 (NEW).