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Can you summarize 02-029 MECM Ch. 132?
Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.) > Mutual Holding Companies
Short Summary
This regulation, Chapter 132 of the Code of Maine Rules, governs the formation of mutual holding companies and the issuance of minority stock by subsidiary savings institutions. It provides the regulatory framework for mutual financial institutions to reorganize into subsidiary savings institutions, with at least 51% of the stock owned by the mutual holding company. The reorganization process involves the transfer of assets and liabilities from the mutual financial institution to the subsidiary savings institution. The regulation outlines the approvals required, the contents of the reorganization plan and stock issuance plans, and the priority of stock offerings. It also addresses membership rights, pricing of stock, and miscellaneous provisions. The regulation does not mention any specific exemptions or penalties.
Whom does it apply to?
Mutual financial institutions, subsidiary savings institutions, acquiree institutions, and mutual holding companies
What does it govern?
Formation of mutual holding companies and issuance of minority stock by subsidiary savings institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maine