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Can you summarize 9-B MERS Section 1239?
UNINSURED BANKS > Holding companies of uninsured banks
Short Summary
This legal document pertains to holding companies of uninsured banks. If a holding company is not a financial institution holding company under chapter 101 due to controlling financial institutions other than a merchant bank, nondepository trust company, or uninsured bank, the superintendent may grant the holding company a waiver from the provisions of chapter 101. However, the superintendent cannot waive the requirements of section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1. The superintendent also has the authority to examine the holding company, including its subsidiaries and affiliates, to assess the soundness and viability of the uninsured bank. No specific penalties are mentioned in this document.
Whom does it apply to?
Holding companies of uninsured banks
What does it govern?
Waiver from the provisions of chapter 101 for holding companies of uninsured banks
What are exemptions?
The superintendent may not waive the requirements of section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Maine