Maine Revised Statutes Title 9-B Sec. 1018 – Exclusion
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Terms Used In Maine Revised Statutes Title 9-B Sec. 1018
- Company: means a corporation, partnership, business trust, association or similar organization organized under the laws of the United States, any political subdivisions of the United States or a country other than the United States. See Maine Revised Statutes Title 9-B Sec. 1011
- Fiduciary: A trustee, executor, or administrator.
- 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
- Maine financial institution: means a financial institution defined in section 131, subsection 17. See Maine Revised Statutes Title 9-B Sec. 1011
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
The superintendent may exclude financial institution holding companies or other companies from the provisions of this chapter when control of a Maine financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in securing or collecting a debt. When control of a Maine financial institution arises in connection with securing or collecting a debt, the acquiring institution or company may be excluded from the provisions of this chapter if the acquiring institution or company divests the securities within 2 years of acquisition. The superintendent may grant requests for up to 3 one-year extensions. [PL 1993, c. 538, §4 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1993, c. 538, §4 (AMD).