Maine Revised Statutes

§1232. Organization of uninsured banks

1. Organization.  An uninsured bank must be organized pursuant to chapter 31.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
2. Organizational documents.  The organizational documents of an uninsured bank that are filed with the Secretary of State must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to the Maine Revised Statutes, Title 9-B, chapter 123 and does not have the power to solicit, receive or accept retail deposits." This statement in the organizational documents of an uninsured bank may not be amended.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
3. Conversion.  An uninsured bank may convert to any other type of investor-owned financial institution pursuant to chapter 34.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
SECTION HISTORY
1997, c. 398, §J2 (NEW).