‘Sec. 1. 5 MRSA §12004-F, sub-§19 is enacted to read:
|Maine Green Bank, Board of Directors||Expenses Only||9-B MRSA §1253|
Sec. 2. 5 MRSA §12004-I, sub-§2-H is enacted to read:
|Banking||Maine Green Bank Advisory Committee||Expenses Only||9-B MRSA §1254|
Sec. 3. 9-B MRSA c. 125 is enacted to read:
MAINE GREEN BANK
§ 1251. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
§ 1252. Bank established; purposes
§ 1253. Board of directors; duties and powers
§ 1254. Advisory committee
The Governor shall appoint the Maine Green Bank Advisory Committee, as established in Title 5, section 12004-I, subsection 2-H, subject to review by the joint standing committee of the Legislature having jurisdiction over insurance and financial services matters and confirmation by the Senate.
§ 1255. Powers of the bank
§ 1256. Transfer to Maine Budget Stabilization Fund
As soon as possible after the end of each calendar year, the board shall determine the amount of income, if any, earned by the bank in excess of the amount necessary to pay for the expenses of administering bank operations for transfer to the Maine Budget Stabilization Fund established in Title 5, section 1532.
§ 1257. Oversight; rules and examination
Prior to their adoption by the board, rules must be approved by the advisory committee. Rules adopted under this subsection are major substantive rules as defined in Title 5, chapter 375, subchapter 2-A.
§ 1258. Use of name; execution of instruments
Activities of the bank must be conducted under and title to property of the bank must be obtained and conveyed as: "State of Maine doing business as Maine Green Bank." Within the scope of authority granted by the board, the president of the bank may execute instruments on behalf of the bank, including any instrument granting, conveying or affecting interest in, or lien upon, real or personal property. Officers, employees or agents of and legal counsel to the bank may execute instruments on behalf of the bank when authorized by the board.
§ 1259. Exemption from taxation
Notwithstanding any other provision of law, transactions, funds and property of the bank are exempt from taxation within the State.’