Maine Revised Statutes Title 11 Sec. 8-1111 – Clearing corporation rules
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Terms Used In Maine Revised Statutes Title 11 Sec. 8-1111
- Clearing corporation: means : (i) A person that is registered as a "clearing agency" under the federal securities laws;(ii) A federal reserve bank; or(iii) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including adoption of rules, are subject to regulation by a federal or state governmental authority. See Maine Revised Statutes Title 11 Sec. 8-1102
- 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.
A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this Act and affects another party who does not consent to the rule. [PL 1997, c. 429, Pt. B, §2 (NEW).]SECTION HISTORYPL 1997, c. 429, §B2 (NEW).