Maine Revised Statutes Title 9-B Sec. 337 – Real estate for offices and facilities
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1. Authority. A financial institution may invest in improved or unimproved real estate, and in the erection or improvement of buildings thereon, together with, furniture, fixtures, equipment and capitalized leases on any fixed asset items for the purpose of providing offices or facilities for transaction of the institution’s authorized business; and such buildings may include space for rental purposes.
[PL 1979, c. 429, §7 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 337
- 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
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Limitations. Real estate, furniture, fixtures, equipment and capitalized leases, combined, invested in pursuant to subsection 1 may not exceed 60% of the total capital. The superintendent may approve in writing, upon application by an institution and for good cause shown, a greater percentage.
[PL 1997, c. 398, Pt. E, §8 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1979, c. 429, §7 (AMD). PL 1997, c. 398, §E8 (AMD).