Maine Revised Statutes Title 9-B Sec. 1223 – Capital
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1. Initial capital.
[PL 1999, c. 539, §2 (RP).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1223
- 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
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Capital. A merchant bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or any rules adopted under section 412-A. The superintendent may establish different capital maintenance standards for merchant banks than for other financial institutions organized under this Title. The minimum capital maintenance standards for a merchant bank may not be less than a level equal to 150% of the tier 1 risk-based capital and 150% of total risk-based capital established from time to time by the Board of Governors of the Federal Reserve System for a well-capitalized bank.
[PL 1999, c. 539, §3 (AMD).]
SECTION HISTORY
PL 1997, c. 398, §J2 (NEW). PL 1999, c. 539, §§2,3 (AMD).