Maine Revised Statutes Title 9-B Sec. 822 – Borrowing
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1. Limitation. A credit union may borrow moneys from any source; provided that its aggregate borrowing shall not exceed 50% of its paid-in share capital and total surplus.
[PL 1975, c. 500, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 822
- 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
- Credit union: means a cooperative, nonprofit corporation organized pursuant to Part 8, or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8. 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. Exceeding limitation. Upon making application to and receiving the written approval of the superintendent, a credit union may borrow in excess of the limitation set forth in subsection 1, but not in excess of the amount stated in such approval.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).