Maine Revised Statutes Title 9-B Sec. 1026 – Powers of the superintendent
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1. Rules and regulations. The superintendent shall have authority to adopt and issue regulations to govern the conduct and management of all mutual trust investment companies formed pursuant to this chapter, and to prescribe, among other things:
A. The records and accounts to be kept by the mutual trust investment company; [PL 1975, c. 500, §1 (NEW).]
B. The methods and standards to be employed in establishing the value of the shares of stock in the mutual trust investment company and of its assets; and [PL 1975, c. 500, §1 (NEW).]
C. The procedure to be followed in the sale and redemption of its stock. [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1026
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- His: as used in this Title , means "his or her;" while "he" means "he or she. See Maine Revised Statutes Title 9-B Sec. 131
- 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. See Maine Revised Statutes Title 9-B Sec. 1021
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Examination. The superintendent shall at least once in each calendar year, and whenever the superintendent deems it necessary or expedient, examine every such mutual trust investment company. On every such examination of a mutual trust investment company, the superintendent shall make inquiry as to its financial condition, the policies of its management, whether it is complying with the laws of this State and such other matters as the superintendent may prescribe. The reasonable expenses of each examination of a mutual trust investment company pursuant to this section must be charged to the company in accordance with the provision of section 214.
[RR 2009, c. 2, §9 (COR).]
3. Power and authority. In the enforcement of this chapter and the fulfillment of his responsibilities hereunder, the superintendent shall have the same power and authority over and with respect to mutual trust investment companies and their directors, officers and employees, including the power to compel the attendance of witnesses and the production of books, records, documents and testimony, the power to require the submission to him of reports and information in such form and at such times as he may prescribe, the power to direct the discontinuation of any practice which he may consider illegal, unauthorized or unsafe; and all other powers and authorities, whether or not specifically mentioned herein, as are given the superintendent by the laws of this State with respect to financial institutions in the same manner and with like effect as if mutual trust investment companies were expressly named therein.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). RR 2009, c. 2, §9 (COR).