CHAPTER 528
S.P. 649 - L.D. 1717
An Act To Clarify Membership on Boards of Directors for Maine Financial Institutions
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the Maine Business Corporation Act took effect July 1, 2003 and has standardized the corporate structure and governance of Maine corporations; and
Whereas, certain provisions in law remain inconsistent with that Act; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §326, first ¶, as corrected by RR 2001, c. 2, Pt. B, §10 and affected by §58, is amended to read:
Except as provided in this section and section 327, the management and operations of a financial institution organized under this chapter must be pursuant to Title 13-C, chapter 8.
Sec. 2. 9-B MRSA §326, sub-§1, ¶A, as amended by PL 1997, c. 398, Pt. D, §13, is further amended to read:
A. The number of directors on the board of a mutual financial institution may not be less than 5, all of whom must be residents of the financial institution's geographic area or an area proximate to that geographic area.
Sec. 3. 9-B MRSA §326, sub-§1, ¶C, as enacted by PL 1975, c. 500, §1, is amended to read:
C. Vacancies on the board occurring during the year may be filled by the board until the next annual meeting of the corporators or members, who shall elect a director at such time to fill such position for the remainder of the term. Any vacancy which that causes the number of directors to fall below the minimum required in paragraph A or in the institution's bylaws shall or articles of incorporation must be filled immediately.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective March 3, 2004.
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