Maine Revised Statutes Title 9-B Sec. 343 – Conversion of institutional charter
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A financial institution organized under Part 12 may convert its charter to do business as another institution organized under Part 12 or as a universal bank, and a universal bank organized under chapter 31 may convert to a financial institution organized under Part 12 in the following manner. [PL 1997, c. 398, Pt. F, §3 (AMD).]
1. Adoption of plan. The institution’s governing body shall adopt by a 2/3 vote of all members a conversion plan that must include:
A. The name of the institution and its location; [PL 1975, c. 500, §1 (NEW).]
B. The type of the institution that resulting institution is to be; [PL 1997, c. 398, Pt. F, §3 (AMD).]
C. A method and schedule for terminating any nonconforming activities that would result from such conversion; [PL 1997, c. 398, Pt. F, §3 (AMD).]
D. A statement of the competitive impact resulting from such conversion, including the loss of particular financial services in the market area resulting from such conversion; [PL 1997, c. 398, Pt. F, §3 (AMD).]
E. A statement that the conversion is subject to approval of the superintendent and the institution’s investors; and [PL 1997, c. 398, Pt. F, §3 (AMD).]
F. Such additional information as the superintendent may require, pursuant to regulations or otherwise. [PL 1975, c. 500, §1 (NEW).]
[PL 1997, c. 398, Pt. F, §3 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 343
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Majority: when used in reference to age shall mean the age of 18 and over. 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
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
- Universal bank: means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to October 1, 1975 or established pursuant to this Title. See Maine Revised Statutes Title 9-B Sec. 131
2. Superintendent‘s approval. The superintendent shall approve a conversion plan in accordance with section 341, subsection 3.
[PL 1997, c. 398, Pt. F, §3 (AMD).]
3. Vote of investors. The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting, or at a special meeting called for that purpose, pursuant to the requirements of section 352, subsection 3. Approval requires a majority vote or higher if required by the institution’s organizational documents of those entitled to vote.
[PL 1997, c. 398, Pt. F, §3 (AMD).]
4. Executed plan; certificate; and effective date. The following provisions apply to the executed plan, certificate and effective date.
A. Upon approval by the investors of the institution, the institution shall submit the executed conversion plan to the superintendent, together with all necessary amendments to the institution’s organizational documents, each certified by an executive officer, clerk or secretary. [PL 1997, c. 398, Pt. F, §3 (AMD).]
B. The superintendent shall file one copy of the items set forth in paragraph A with the Secretary of State for record and issue to the resulting institution a certificate specifying the name of the converting institution and the name and organizational structure of the resulting institution. This certificate is conclusive evidence of the conversion and of the correctness of all proceedings relating to the conversion in all courts and places. The certificate may be filed in any office for the recording of deeds to evidence the new name in which property of the converting institution is to be held. [PL 1997, c. 398, Pt. F, §3 (AMD).]
C. Unless a later date is specified in the conversion plan, the action becomes effective upon the issuance of the certificate in paragraph B, and the former charter of the converting institution terminates automatically. [PL 1997, c. 398, Pt. F, §3 (AMD).]
[PL 1997, c. 398, Pt. F, §3 (AMD).]
5. Effect of disapproval.
[PL 1997, c. 398, Pt. F, §3 (RP).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1977, c. 155, §2 (AMD). PL 1991, c. 670, §4 (AMD). PL 1997, c. 398, §F3 (AMD).