Ask Reggi Your Question Now
Can you summarize 9-B MERS Part 3, Chapter 34?
ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS > CHANGES IN CHARTER AND OWNERSHIP FORM
Short Summary
The provided legal document content covers various aspects of changing the corporate name and ownership structure of financial institutions in the state of Maine. It outlines the requirements and procedures for changing the name, obtaining approval from investors or mutual voters and the superintendent, and notifying the institution of the superintendent’s decision. The document also governs the conversion of ownership structure for equity financial institutions, outlining the procedure for conversion, approval by the governing body and investors, and the rights of investors not voting for the conversion plan. Additionally, the document addresses expedited charter conversions in financial institutions, allowing the superintendent to order immediate charter conversion for the protection of depositors or the public. Judicial review of the superintendent’s order is available for aggrieved parties. The conversion of financial institutions organized under chapter 31 to chapter 32 is also covered, requiring a fair and equitable conversion plan approved by the governing body and investors. The document further governs the conversion of mutual financial institutions to other forms of financial institutions, outlining the adoption of a conversion plan, public hearings, and approval from eligible account holders. The conversion of an institutional charter for financial institutions organized under Part 12 and universal banks organized under chapter 31 is also addressed, requiring a conversion plan, approval by the superintendent, and a vote of approval by the institution’s investors. The document provides guidelines for converting or amending the charter of a financial institution, including the submission of necessary information to the superintendent for approval or disapproval. The conversion of charters for financial institutions is also covered, outlining the procedures and requirements for approval, voting, compliance with state and federal laws, and issuance of certificates. These documents apply to various types of financial institutions and provide a framework for their conversion. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Financial institutions authorized to do business in the state of Maine, equity financial institutions organized under chapter 31, financial institutions organized under chapter 31 and 81, financial institutions organized under Part 12 and universal banks organized under chapter 31, financial institutions subject to the laws of Maine, various types of financial institutions
What does it govern?
Changing the corporate name of a financial institution, conversion of ownership structure for equity financial institutions, expedited charter conversions in financial institutions, conversion of financial institutions organized under chapter 31 to financial institutions organized under chapter 32, conversion of mutual financial institutions to other forms of financial institutions, conversion of an institutional charter for financial institutions organized under Part 12 and universal banks organized under chapter 31, converting or amending the charter of a financial institution, conversion of charters for financial institutions
What are exemptions?
No exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Maine