Maine Revised Statutes Title 9-B Sec. 1019-A – Notification of superintendent; purchase of own shares
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A Maine financial institution holding company shall provide the superintendent with prior notification regarding the following transactions: [PL 1991, c. 386, §27 (AMD).]
1. Issuance of stock, capital notes or debentures. The issuance of equity interest, capital notes or debentures with an original maturity of 3 years or greater. Notice must be provided at least 10 days prior to issuance and must contain a copy of any United States Securities and Exchange Commission filings, private placement memoranda or other documents describing the proposed issue to potential investors;
[PL 2005, c. 82, §13 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1019-A
- capital: means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves; [PL 1997, c. See Maine Revised Statutes Title 9-B Sec. 131
- 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
- Equity interest: means common stock, preferred stock, members' or partners' interests or any other type of capital instrument that entitles the holder to vote pursuant to the financial institution's organizational documents. 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
- Financial institution holding company: means any company which has control over any financial institution or has control over any company which controls any financial institution. See Maine Revised Statutes Title 9-B Sec. 1011
- Maine financial institution holding company: means any company whose home state is this State and that has control over any Maine financial institution or has control over a company that controls a Maine financial institution. 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
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Purchase of own capital stock. The purchase of shares of any type of its own equity interest. Notice must contain such information as required by the superintendent; and
[PL 2005, c. 82, §13 (AMD).]
3. Exception requiring approval. The issuance of equity interest or capital notes by a Maine financial institution holding company that is not required to file notice with the United States Securities and Exchange Commission. Issuance under this subsection also requires prior approval of the superintendent. A Maine financial institution holding company may not purchase or redeem its equity interests without the superintendent’s prior written approval if the gross consideration for purchase or redemption, when aggregated with the net consideration paid by the company for all such purchases or redemptions during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth.
[PL 2005, c. 82, §14 (NEW).]
SECTION HISTORY
PL 1987, c. 90, §4 (NEW). PL 1991, c. 386, §27 (AMD). PL 2005, c. 82, §§13,14 (AMD).