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Can you summarize 9-B MERS Part 3, Chapter 36?
ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS > CONSERVATION, LIQUIDATION AND INSOLVENCY
Short Summary
This legal document governs the voluntary liquidation of financial institutions. It provides the process for initiating liquidation proceedings when it is deemed inexpedient for the institution to continue its business. The governing body of the financial institution, along with the superintendent, may apply to the Superior Court for liquidation. Alternatively, depositors, members, or investors may file an application with the concurrence of the superintendent. Upon presentation of the application, the court may issue an injunction to restrict further payment of deposits. After notice and hearing, if the court determines that it is inexpedient for the institution to continue its business, it may make orders and decrees for the liquidation of the institution’s affairs, distribution of assets, and protection of depositors, members, and investors. The court may authorize the chief executive officer, president, and governing body of the institution to liquidate its affairs under the court’s direction. This document references the applicability of section 362 to such applications, but does not specify any penalties or exemptions.
Whom does it apply to?
Financial institutions, governing body, superintendent, depositors, members, investors
What does it govern?
Voluntary liquidation of financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maine