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USA Statutes : maine
Title : Title 09-B. FINANCIAL INSTITUTIONS
Chapter : Chapter 83. FINANCIAL MANAGEMENT
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Title 9-B - §831. Share capital and surplus
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§831. Share capital and surplus
1. Amount and par value of share capital.
A. The capital of a credit union shall be unlimited in amount and shall consist of shares which may be subscribed to and paid
for in such manner as the bylaws may prescribe.
[1975, c. 500, §1 (new).]
B. The par value of such shares may be established by the credit union in its bylaws, in an amount not less than $5 per share,
provided that par values in excess of $5 per share shall be in multiples of $5.
[1983, c. 51, §3 (amd).]
C. The maximum amount of shares that may be held by any one member or nonmember as provided in section 817 must be established
from time to time by resolution of the board of directors.
[1997, c. 108, §10 (amd).]
[1997, c. 108, §10 (amd).]
2. Share transactions. The provisions of sections 422-A, 427, 428 and 429 are applicable to shares or accounts in a credit union.
[2003, c. 322, §19 (amd).]
3. Surplus. "Surplus" or "total surplus" of a credit union means the sum of its guaranty fund, undivided profits and other surplus and
reserve accounts.
[1975, c. 500, §1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1983,
Ch. 51,
§3
(AMD).
PL 1997,
Ch. 108,
§10,11
(AMD).
PL 2003,
Ch. 322,
§19
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 9-B - §832. Guaranty fund
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§832. Guaranty fund
1. Requirement. Every credit union shall establish and maintain a guaranty fund in the manner set forth in subsections 2 and 3. Such fund
shall provide security against losses and contingencies, and all losses not otherwise absorbed shall be charged against it.
[1975, c. 500, §1 (new).]
2. Payments to fund. Before the payment of a dividend, there must be set apart into the guaranty fund a percentage of the gross income of the
credit union that was accumulated during the preceding dividend period, in the following manner:
A. For credit unions in operation less than 4 years or having assets of less than $500,000, 10% of gross income until the guaranty
fund equals 7% of the total outstanding loans and risk assets of the credit union and then 5% of the gross income until the
guaranty fund equals 10% of the total outstanding loans and risk assets; or
[2003, c. 322, §20 (amd).]
B. For credit unions in operation more than 4 years and having assets of $500,000 or more, 10% of gross income until the guaranty
fund equals 4% of the total outstanding loans and risk assets of the credit union and then 5% of the gross income until the
guaranty fund equals 6% of the total outstanding loans and risk assets.
[2003, c. 322, §20 (amd).]
The superintendent may waive all or part of the payments required under this subsection for good cause shown by a credit union.
[2003, c. 322, §20 (amd).]
3. Restoration of fund. Whenever the guaranty fund shall fall below the requirements of subsection 2, it shall be replenished by regular contributions
in such amounts as required by subsection 2.
[1979, c. 134, §2 (rpr).]
4. Superintendent's authority. The superintendent shall have authority to define which assets of a credit union are to be deemed "risk" assets for purposes
of this section; and the superintendent may vary the amount of the fund required under this section for individual credit
unions as may be necessary for the protection of the credit union and its members.
[1975, c. 500, §1 (new).]
5. Rulemaking. The superintendent may adopt rules to implement this section or vary the amount of the fund required under this section.
Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
[2003, c. 322, §21 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1979,
Ch. 134,
§1,2
(AMD).
PL 1979,
Ch. 663,
§54
(AMD).
PL 2003,
Ch. 322,
§20,21
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 9-B - §833. Dividends and interest
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§833. Dividends and interest
1. Time for payment; method.
[2003, c. 322, §22 (rp).]
1-A. Time for payment of dividends; method. At such intervals as the board of directors may authorize and after provision for the guaranty fund established pursuant
to section 832, the board of directors may declare a dividend to be paid at different rates on different types of shares,
at different rates and maturity dates in the case of share certificates and at different rates on different types of share
draft accounts. Dividends credited may be accrued on various types of shares, share certificates and share draft accounts
as authorized by the board of directors.
[2003, c. 322, §23 (new).]
2. Rates on different accounts.
[2003, c. 322, §24 (rp).]
3. Maximum dividend rate.
[1981, c. 501, §35 (rp).]
3-A. Dividend rate.
[2003, c. 322, §25 (rp).]
4. Tax exemption. Shares in a credit union organized pursuant to this Part shall be exempt from taxes; and no taxes or charges, except as otherwise
provided, shall be levied against them.
[1975, c. 500, §1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1981,
Ch. 501,
§35,36
(AMD).
PL 1997,
Ch. 398,
§L8
(AMD).
PL 2003,
Ch. 322,
§22-25
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 9-B - §834. Fiscal year
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§834. Fiscal year
The fiscal year of a credit union shall end as of the close of business on the last business day of December.
[1975, c. 500, § 1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 9-B - §835. Reports to superintendent (REPEALED)
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§835. Reports to superintendent (REPEALED)
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 2003,
Ch. 322,
§26
(RP ).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 9-B - §836. Insurance of shares
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 83: FINANCIAL MANAGEMENT
§836. Insurance of shares
1. Requirement. Every credit union authorized to do business in this State shall insure shares with the National Credit Union Administration
or the successor to such federal agency.
[1997, c. 108, §12 (amd).]
2. Transition period.
[2003, c. 322, §27 (rp).]
3. Failure to obtain insurance.
[2003, c. 322, §28 (rp).]
4. Applicable law. A credit union insured pursuant to subsection 1 shall have the power and duty to comply with all statutes and regulations
governing insurance of shares by the National Credit Union Administration; provided that nothing contained in this section
shall be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities of the superintendent,
or of the credit union so insured, under the provisions of this Title.
[1975, c. 500, §1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1997,
Ch. 108,
§12
(AMD).
RR 1997,
Ch. 2,
§37
(COR).
PL 2003,
Ch. 322,
§27,28
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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