Maine Revised Statutes Title 9-B Sec. 1021 – Definition
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Terms Used In Maine Revised Statutes Title 9-B Sec. 1021
- 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.
- Fiduciary: A trustee, executor, or administrator.
As used in this chapter, the term “mutual trust investment company” means a corporation which is an investment company as defined by an Act of Congress entitled “Investment Company Act of 1940”, as amended; and incorporated in compliance with this chapter to constitute a medium for the common investment of trust funds held in a fiduciary capacity, and for true fiduciary purposes, either alone or with one or more cofiduciaries, by State banks with trust powers, trust companies and national banks with trust powers which are located in this State. [PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).