§1018. Exclusion
The superintendent may exclude financial institution holding companies or other companies from the provisions of this chapter when control of a Maine financial institution arises out of the acquisition of shares in a fiduciary capacity, or in connection with an underwriting of securities or proxy solicitation, or in securing or collecting a debt. When control of a Maine financial institution arises in connection with securing or collecting a debt, the acquiring institution or company may be excluded from the provisions of this chapter if the acquiring institution or company divests the securities within 2 years of acquisition. The superintendent may grant requests for up to 3 one-year extensions. [PL 1993, c. 538, §4 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1993, c. 538, §4 (AMD).
Structure Maine Revised Statutes
TITLE 9-B: FINANCIAL INSTITUTIONS
Part 10: OTHER FINANCIAL ENTITIES
Chapter 101: FINANCIAL INSTITUTION HOLDING COMPANIES
9-B §1013. Acquisition of interests in financial institutions
9-B §1014. Closely-related activities
9-B §1016. Reports and examinations
9-B §1017. Conformity with Federal procedures
9-B §1019-A. Notification of superintendent; purchase of own shares