Maine Revised Statutes Title 9-B Sec. 235 – Change of director or senior executive officer
Current as of: 2023 | Check for updates
|
Other versions
1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. “Financial institution in troubled condition” includes any financial institution:
(1) That is subject to a cease and desist order issued under section 231 or issued by a federal regulator under applicable federal law;
(2) That is subject to a written agreement as contemplated under section 231;
(3) That has a composite rating of 4 or 5 under the federal Uniform Financial Institutions Rating System or comparable composite ratings under a rating system employed by the superintendent;
(4) That is not in compliance with section 412-A or is not in compliance with applicable federal capital standards; or
(5) That has been notified in writing by the superintendent that it is in troubled condition for the purposes of this section. [PL 2007, c. 79, §5 (NEW).]
B. “Senior executive officer” means any person who holds the title of president, chief executive officer, chief operating officer, chief financial officer, chief lending officer or chief investment officer or, without regard to title, salary or compensation, performs the function of one or more of these positions. “Senior executive officer” also includes any other person identified by the superintendent, whether or not hired as an employee, with significant influence over, or who participates in, major policy-making decisions of a financial institution. [PL 2007, c. 79, §5 (NEW).]
[PL 2007, c. 79, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 235
- 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
- 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
- Governing body: means the body that oversees the affairs of a financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- Officer: means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- Person: means an individual, corporation, partnership, joint venture, trust, estate or unincorporated association. See Maine Revised Statutes Title 9-B Sec. 131
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Filing notice. A financial institution in troubled condition shall file notice with the superintendent at least 30 days prior to adding or replacing a member of its board of directors or governing body, employing a senior executive officer or changing the duties of a senior executive officer so that the senior executive officer would assume a different senior executive officer position. The notice must be in a form and contain content as prescribed by the superintendent. For good cause shown, the superintendent may accept notice of less than 30 days.
[PL 2007, c. 79, §5 (NEW).]
3. Approval. The superintendent shall approve or disapprove the notice under subsection 2 within 10 days after the receipt of the notice.
[PL 2007, c. 79, §5 (NEW).]
SECTION HISTORY
PL 2007, c. 79, §5 (NEW).