Maine Revised Statutes Title 5 Sec. 139-A – –guaranty funds
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Terms Used In Maine Revised Statutes Title 5 Sec. 139-A
- Contract: A legal written agreement that becomes binding when signed.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
The Treasurer of State, with the approval of the Commissioner of Administrative and Financial Services, the Superintendent of Financial Institutions and the Attorney General, has the power to enter into contracts or agreements approved by the Governor, with any national bank, trust company or safe deposit company located in New England or New York City, for custodial care and servicing of any securities deposited with the treasurer as a guaranty fund required by statutes. [PL 1991, c. 780, Pt. Y, §12 (AMD); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).]
Such services shall consist of the safekeeping of such securities in the vaults of the bank or safe deposit company and any fiscal service which is normally covered in a custodial contract or agreement. [PL 1971, c. 555 (NEW).]
The Treasurer of State shall obtain the written approval of the Superintendent of Insurance prior to releasing any securities received by the Treasurer of State and deposited in custodial accounts pursuant to the deposit requirements of the Maine Insurance Code. [PL 1993, c. 313, §1 (NEW).]
SECTION HISTORY
PL 1971, c. 555 (NEW). PL 1973, c. 585, §§11,14 (AMD). PL 1975, c. 771, §43 (AMD). PL 1985, c. 785, §A13 (AMD). PL 1991, c. 780, §Y12 (AMD). PL 1993, c. 313, §1 (AMD). PL 2001, c. 44, §11 (AMD). PL 2001, c. 44, §14 (AFF).