Maine Revised Statutes Title 9-B Sec. 354 – Mergers and consolidations; investor-owned and mutual financial institutions
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1. Resulting mutual financial institution. An investor-owned financial institution may be merged into or consolidated with a mutual financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subsection.
A. The acquiring mutual financial institution shall comply with the requirements of section 353, subsections 1 to 4, except that the plan of merger or consolidation must state the amount that institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the superintendent considers appropriate. [PL 1997, c. 398, Pt. G, §4 (AMD).]
B. [PL 1997, c. 22, §10 (RP).]
C. [PL 1997, c. 22, §10 (RP).]
D. [PL 1997, c. 22, §10 (RP).]
E. The investor-owned institution to be acquired shall comply with section 352, subsections 1 to 6. [PL 1997, c. 398, Pt. G, §4 (AMD).]
F. Sections 357 and 358 apply to mergers or consolidations made pursuant to this section. [PL 1997, c. 398, Pt. G, §4 (AMD).]
[PL 1997, c. 398, Pt. G, §4 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 354
- Federal association: means a savings and loan association, savings bank or other financial institution organized pursuant to the Act of Congress entitled "Home Owners' Loan Act of 1933" as amended, or any subsequent Act of Congress relating thereto. 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
- Investor-owned institution: means a financial institution organized under chapter 31. See Maine Revised Statutes Title 9-B Sec. 131
- Subsidiary: means a corporation, partnership, business trust, association or similar organization, all of which are referred to in this subsection as "another company" owned or controlled by a financial institution or financial institution holding company. 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
- Universal bank: means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to October 1, 1975 or established pursuant to this Title. See Maine Revised Statutes Title 9-B Sec. 131
2. Resulting investor-owned institution. Except as the superintendent may authorize pursuant to section 354?A, a mutual financial institution may not merge into an investor-owned institution organized under the laws of this State without prior compliance with section 344 and all rules adopted under that section. In accordance with section 1054, subsection 3, paragraph B, a mutual holding company may acquire a mutual financial institution or mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company without prior compliance with section 344 and all rules adopted under that section.
[PL 2021, c. 5, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 22, §10 (AMD). PL 1997, c. 398, §G4 (AMD). PL 2021, c. 5, §1 (AMD).