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Can you summarize 9-B MERS Part 3, Chapter 35?
ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS > MERGERS, CONSOLIDATIONS AND ACQUISITIONS
Short Summary
This legal document governs the effect of mergers, consolidations, conversions, and acquisitions of financial institutions. It applies to financial institutions that are involved in such transactions. The document states that after the effective date of a merger, consolidation, conversion, or acquisition, the resulting institution may conduct business in accordance with the approved plan. The resulting institution is deemed to be a continuation of the participating or converting institution, and all property, rights, titles, interests, and assets of the participating or converting institution are vested in and continue to be the property of the resulting institution. The resulting institution also succeeds to all the rights, obligations, and relations of the participating or converting institution. Pending actions and judicial proceedings involving the participating or converting institution are not abated or discontinued and may be prosecuted by the resulting institution. The resulting institution is liable for all obligations of the participating or converting institution prior to the transaction. In the case of an acquisition of assets, the provisions apply only to the acquired assets and assumed liabilities. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
Financial institutions involved in mergers, consolidations, conversions, or acquisitions
What does it govern?
Effect of mergers, consolidations, conversions, and acquisitions of financial institutions
What are exemptions?
No specific exemptions are mentioned in the document
What are the Penalties?
No specific penalties are mentioned in the document
Jurisdiction
Maine