Maine Revised Statutes Title 9-B Sec. 875 – Conversion: change in type of state charter
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Terms Used In Maine Revised Statutes Title 9-B Sec. 875
- 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
- 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
A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to do business as a financial institution organized under chapter 32 if any plan of conversion authorized by this section is adopted and approved in accordance with the requirements of section 343. [PL 1997, c. 398, Pt. K, §8 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 398, §K8 (AMD).