Maine Revised Statutes Title 9-B Sec. 312-A – Expedited authority
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Terms Used In Maine Revised Statutes Title 9-B Sec. 312-A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
Notwithstanding any other provision of law, the superintendent may grant a certificate of public convenience and advantage for a corporation, limited liability company, limited partnership or limited liability partnership to conduct business as a financial institution effective immediately if the superintendent determines that such action is necessary for the protection of depositors or the public. This action may be taken only in conjunction with transactions processed under section 354?A or 355?A. [PL 1997, c. 398, Pt. C, §8 (AMD).]
SECTION HISTORY
PL 1991, c. 34, §1 (NEW). PL 1997, c. 398, §C8 (AMD).