Maine Revised Statutes Title 9-B Sec. 467 – Outside business interests
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1. Acting as broker-dealer prohibited.
[PL 1997, c. 22, §20 (RP).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 467
- Agency: means a branch office of a financial institution at which all or part of the business of the institution is conducted, but the records pertaining to such business are maintained at another office of the institution, and not at such agency office. See Maine Revised Statutes Title 9-B Sec. 131
- Credit union: means a cooperative, nonprofit corporation organized pursuant to Part 8, or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8. See Maine Revised Statutes Title 9-B Sec. 131
- Director: means a member of the governing body of a financial institution. 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
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Officer: means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- Person: means an individual, corporation, partnership, joint venture, trust, estate or unincorporated association. See Maine Revised Statutes Title 9-B Sec. 131
2. Other outside business interests. A policy-making officer of a financial institution may not engage in, directly or indirectly, any other business or occupation without the consent of a majority of the directors, evidenced by a duly recorded resolution.
[PL 1991, c. 386, §16 (AMD).]
3. Compliance. Any person described in subsections 1 or 2 who is in violation of this section on the effective date hereof shall have two years from said effective date to comply with the requirements of subsections 1 and 2.
[PL 1975, c. 500, §1 (NEW).]
4. Sale of annuities. A financial institution or a credit union authorized to do business in this State may not arrange for the sale of annuities pursuant to section 443, subsection 11 with an insurance agent if that agent is a director of the financial institution or credit union or with an agency if a director is an owner or otherwise has a financial interest in the agency.
[PL 1993, c. 322, §2 (NEW).]
5. Provision of names of persons purchasing annuities. A financial institution or a credit union authorized to do business and to sell annuities in this State may not sell or provide to any individual or institution the name of any person that has purchased annuities from that financial institution or credit union.
[PL 1993, c. 322, §2 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1989, c. 502, §D6 (AMD). PL 1991, c. 386, §16 (AMD). PL 1993, c. 322, §2 (AMD). PL 1997, c. 22, §20 (AMD).