Maine Revised Statutes Title 9-B Sec. 417 – Equity interest in Maine financial institutions
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Terms Used In Maine Revised Statutes Title 9-B Sec. 417
- Equity interest: means common stock, preferred stock, members' or partners' interests or any other type of capital instrument that entitles the holder to vote pursuant to the financial institution's organizational documents. 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
- Financial institution holding company: means any company which is deemed to be a holding company pursuant to the provisions contained in chapter 101. See Maine Revised Statutes Title 9-B Sec. 131
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
A financial institution authorized to do business in this State may acquire more than 5% of the equity interest of any other financial institution authorized to do business in this State or of a Maine financial institution holding company with the prior approval of the superintendent. [PL 1997, c. 398, Pt. I, §9 (AMD).]
SECTION HISTORY
PL 1983, c. 55, §1 (NEW). PL 1983, c. 597, §1 (AMD). PL 1997, c. 398, §I9 (AMD).