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USA Statutes : maine
Title : Title 09-B. FINANCIAL INSTITUTIONS
Chapter : Chapter 87. DISSOLUTION, MERGERS AND CONVERSIONS
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Title 9-B - §871-A. Dissolution
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§871-A. Dissolution
1. Voluntary dissolution. This subsection governs the voluntary dissolution of a credit union.
A. A recommendation may be made that a credit union be dissolved and voluntarily liquidated by majority vote of either the
entire membership of the credit union entitled to vote or the board of directors of the credit union. Within 10 days after
recommendation, the credit union shall notify the superintendent, the federal agency that insures the credit union accounts
and the credit union members in writing of the recommendation and the reasons for dissolution. If the entire membership votes
to dissolve and voluntarily liquidate the credit union, then no additional votes of the entire membership need be taken.
If the board of directors of the credit union votes to dissolve and voluntarily liquidate the credit union, then a special
meeting of the credit union's entire membership must be called, no sooner than 10 days after notice has been mailed to the
superintendent. A majority of the entire membership of the credit union entitled to vote must vote to dissolve and voluntarily
liquidate the credit union. Members may cast their votes by proxy on forms prepared by the board of directors and mailed
with the meeting notice.
[2003, c. 322, §42 (new).]
B. Whenever there is a recommendation of dissolution pursuant to paragraph A, the board of directors shall provide the superintendent
with a plan of dissolution. The plan of dissolution must set forth the method and schedule for terminating the business of
the credit union and may provide for a restriction on withdrawal of shares or withdrawal of share certificates. Before the
2nd membership vote required in paragraph A may be taken, the board must receive the superintendent's approval of the plan
of dissolution.
[2003, c. 322, §42 (new).]
C. The superintendent may approve the dissolution of a credit union recommended by a majority of the entire board of directors
but approved by less than a majority of all members if the superintendent finds, upon the written and verified application
of the board, that:
(1) The board mailed written notice of the meeting to consider dissolution to all members qualified to vote;
(2) The notice disclosed the purpose of the meeting and that approval of dissolution might be sought pursuant to this paragraph;
(3) A majority of the votes cast by the members were in favor of dissolution; and
(4) The board has an acceptable plan of dissolution.
[2003, c. 322, §42 (new).]
D. If the superintendent approves dissolution, either by vote of the board or vote of the members, the credit union shall immediately
cease to do business, except for the express purposes of liquidation including the discharging of debts, collecting on loans,
distributing assets and every other act necessary to wind up and liquidate the business. It may sue and be sued for the
purpose of enforcing such debts and obligations until its affairs are fully adjusted.
[2003, c. 322, §42 (new).]
E. The board of directors shall use the assets of the credit union to pay claims in the following order:
(1) Claimants whose claims are secured must receive their security. To the extent their respective claims exceed the value
of the security for those claims, as determined to the satisfaction of the receiver, they each have an unsecured claim against
the credit union having priority as provided in subparagraph (2); and
(2) Unsecured claims against the liquidation estate that are proved to the satisfaction of the receiver have priority in
the following order:
(a) Administrative costs and expenses of liquidation;
(b) Claims for wages and salaries, including vacation, severance and sick leave pay;
(c) Taxes legally due and owing to the United States or any state or subdivision of the United States or state;
(d) Debts due and owing to the State and the United States, including the National Credit Union Administration;
(e) General creditors, and secured creditors to the extent that the secured creditors' respective claims exceed the value
of the security for those claims;
(f) Pro rata distribution to members in proportion to the respective amount of their deposits and shares;
(g) In a case involving liquidation of a corporate credit union, membership capital of the corporate credit union;
(h) In a case involving liquidation of a designated community development credit union, any outstanding secondary capital
accounts issued pursuant to state law; and
(i) In a case involving liquidation of a corporate credit union, paid-in capital.
[2003, c. 322, §42 (new).]
F. Priorities for payment of claims under paragraph E are to be based on the circumstances that exist on the date of the liquidation.
[2003, c. 322, §42 (new).]
G. If the repudiation or disaffirmance of any contract or lease gives rise to a claim for damages, the claim must be considered
a general creditor claim under paragraph E, subparagraph (2), division (e) and not a cost or expense of liquidation under
paragraph E, subparagraph (2), division (a).
[2003, c. 322, §42 (new).]
H. All unsecured claims of any category or class or priority described in paragraph E, subparagraph 2, divisions (a) to (i)
must be paid in full, or provisions made for such payment, before any claims of lesser priority are paid. If there are insufficient
funds to pay all claims of a category or class, payment must be made pro rata. Notwithstanding anything to the contrary in
this section, the receiver may, at any time, and from time to time, prior to the payment in full of all claims of a category
or class with higher priority, make such distributions to claimants in priority categories described in paragraph E, subparagraph
(2), divisions (a) to (e) as the receiver believes are reasonably necessary to conduct the liquidation, as long as the receiver
determines that adequate funds exist or will be recovered during the liquidation to pay in full all claims of any higher priority.
If a surplus remains after making distribution in full on all allowed claims described in paragraph E, subparagraph (2),
divisions (a) to (i), the surplus must be distributed pro rata to the credit union's members.
[2003, c. 322, §42 (new).]
I. A credit union liquidating voluntarily may not continue in existence for more than 3 years after approval of dissolution,
unless an extension is granted by the superintendent for good cause shown in an application filed prior to expiration of the
3-year period.
[2003, c. 322, §42 (new).]
J. After all debts, liabilities and obligations of the credit union are paid or discharged or otherwise adequately provided
for, the credit union shall file articles of dissolution with the Secretary of State. Articles of dissolution must set forth:
(1) The name and address of the credit union;
(2) The date dissolution was approved;
(3) A statement of how dissolution was approved;
(4) A report of liquidating activities; and
(5) Such other information as the superintendent may require.
Dissolution is effective upon the superintendent's acceptance of articles of dissolution for filing with the bureau. At the
time of the superintendent's acceptance of the filing, the credit union ceases to exist, except for the purposes of suits
or other proceedings provided for by law.
[2003, c. 322, §42 (new).]
[2003, c. 322, §42 (new).]
2. Involuntary dissolution. This subsection governs the involuntary dissolution of a credit union.
A. If, upon examination of a credit union, the superintendent determines that the credit union is insolvent or that the credit
union is operating in an unsafe or unsound manner, the superintendent may appoint a receiver who shall proceed to close the
credit union. The credit union shall remain in existence for the purpose of winding up its affairs.
[2003, c. 322, §42 (new).]
B. The person appointed by the superintendent as a receiver may be the superintendent, a deputy or any other person, including
the agency insuring the credit union's accounts pursuant to section 836, as the superintendent may choose, and a certified
copy of the order making such an appointment is evidence of the appointment. The receiver need not post a bond. The receiver
has the power and authority provided in this Title and any other powers and authority as may be expressed in the order of
the superintendent.
[2003, c. 322, §42 (new).]
C. If the superintendent or a deputy is appointed receiver, no additional compensation need be paid, but any reasonable and
necessary expenses of the superintendent or deputy as receiver must be paid by the credit union. If another person is appointed,
then the compensation of the receiver must be paid from the assets of that credit union.
[2003, c. 322, §42 (new).]
D. In the event that the federal agency insuring the credit union's shares or accounts pursuant to section 836 accepts an appointment
as receiver, the agency shall acquire both legal and equitable title to all assets, rights or claims and to all real and personal
property of the credit union to the extent necessary for the agency to perform its duties as receiver under applicable federal
law to effectuate the appointment. If the agency pays or makes available for payment the insured shares of a credit union
by reason of actions taken pursuant to this section, the agency is subrogated to the rights of all the members of the credit
union, whether or not it has become receiver of the credit union, in the same manner and to the same extent as it would be
subrogated in the receivership of a credit union operating under a federal charter and insured by the agency.
[2003, c. 322, §42 (new).]
E. Upon taking possession of the property and business of a credit union under this chapter, the receiver:
(1) May collect money due to the credit union and do all acts necessary to conserve its assets and business and shall proceed
to liquidate its affairs;
(2) Shall collect all debts due and claims belonging to the credit union and may sell or compound all bad or doubtful debts;
(3) May sell, for cash or other consideration or as provided by law, all or any part of the real and personal property of
the credit union;
(4) May take, in the name of the credit union, a mortgage on the real property from a bona fide purchaser to secure the
whole or part of the purchase price;
(5) May borrow money and issue evidence of indebtedness for the money. To secure the repayment of the indebtedness, the
receiver may mortgage, pledge, transfer in trust or hypothecate any or all of the property of the credit union, whether real,
personal or mixed, superior to any charge for expenses of liquidation; and
(6) May represent the credit union in lawsuits under the receiver's own name as receiver of the credit union.
[2003, c. 322, §42 (new).]
F. The receiver shall use the assets of the credit union to pay claims in the following order:
(1) Claimants whose claims are secured must receive their security. To the extent their respective claims exceed the value
of the security for those claims, as determined to the satisfaction of the receiver, they each have an unsecured claim against
the credit union having priority as provided in subparagraph (2); and
(2) Unsecured claims against the liquidation estate that are proved to the satisfaction of the receiver have priority in
the following order:
(a) Administrative costs and expenses of liquidation;
(b) Claims for wages and salaries, including vacation, severance and sick leave pay;
(c) Taxes legally due and owing to the United States, any state or any subdivision of the United States or any state;
(d) Debts due and owing to the State and the United States, including the National Credit Union Administration;
(e) General creditors, and secured creditors to the extent that the secured creditors' respective claims exceed the value
of the security for those claims;
(f) Pro rata distribution to members in proportion to the respective amount of their deposits and shares;
(g) In a case involving liquidation of a corporate credit union, membership capital of the corporate credit union;
(h) In a case involving liquidation of a designated community development credit union, any outstanding secondary capital
accounts issued pursuant to state law; and
(i) In a case involving liquidation of a corporate credit union, paid-in capital.
[2003, c. 322, §42 (new).]
G. Priorities for payment of claims under paragraph F are based on the circumstances that exist on the date of the liquidation.
[2003, c. 322, §42 (new).]
H. If the repudiation or disaffirmance of any contract or lease gives rise to a claim for damages, the claim must be considered
a general creditor claim under paragraph F, subparagraph (2), division (e) and not a cost or expense of liquidation under
paragraph F, subparagraph (2), division (a).
[2003, c. 322, §42 (new).]
I. All unsecured claims of any category or class or priority described in paragraph F, subparagraph (2), divisions (a) to (i)
must be paid in full, or provisions made for such payment, before any claims of lesser priority are paid. If there are insufficient
funds to pay all claims of a category or class, payment must be made pro rata. Notwithstanding anything to the contrary in
this section, the receiver may, at any time, and from time to time, prior to the payment in full of all claims of a category
or class with higher priority, make such distributions to claimants in priority categories described in paragraph F, subparagraph
(2), divisions (a) to (e) as the receiver believes are reasonably necessary to conduct the liquidation, as long as the receiver
determines that adequate funds exist or will be recovered during the liquidation to pay in full all claims of any higher priority.
If a surplus remains after making distribution in full on all allowed claims described in paragraph F, subparagraph (2),
divisions (a) to (i), the surplus must be distributed pro rata to the credit union's members.
[2003, c. 322, §42 (new).]
J. After all debts, liabilities and obligations of the credit union are paid or discharged or otherwise adequately provided
for, the receiver shall file articles of dissolution with the Secretary of State. Articles of dissolution must set forth:
(1) The name and address of the credit union;
(2) The date dissolution was ordered;
(3) A statement of how dissolution was ordered;
(4) A report of liquidating activities; and
(5) Such other information as the superintendent may require.
Dissolution is effective upon the superintendent's acceptance of articles of dissolution for filing with the bureau. At that
time the credit union ceases to exist, except for the purposes of suits or other proceedings provided for by law.
[2003, c. 322, §42 (new).]
[2003, c. 322, §42 (new).]
Section History:
PL 2003,
Ch. 322,
§42
(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 - §871. Dissolution (REPEALED)
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§871. Dissolution (REPEALED)
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1979,
Ch. 429,
§14
(AMD).
PL 2003,
Ch. 322,
§41
(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 - §872-A. Authority for expedited mergers, consolidations and acquisitions
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§872-A. Authority for expedited mergers, consolidations and acquisitions
Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles
of incorporation or bylaw of any participating credit union, the superintendent may authorize a merger or consolidation of
2 or more credit unions or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities
of, any other credit union following approval of a plan of merger, consolidation or acquisition by a majority vote of the
boards of directors of the participating credit unions and upon receipt by the superintendent of certified copies of the authorizing
resolutions adopted by the respective boards of directors. That merger, consolidation or acquisition shall become effective
immediately if the superintendent believes that the action is necessary for the protection of members of the credit union
or the public. Any person aggrieved by a merger, consolidation or acquisition pursuant to this section is entitled to judicial
review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter
VII.
[1989, c. 646 (new).]
Section History:
PL 1989,
Ch. 646,
§
(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 - §872. Mergers and consolidations
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§872. Mergers and consolidations
1. Eligibility.
A. A credit union organized under provisions of the laws of this State, another state or federal laws may merge or consolidate
into a credit union organized under the laws of the State with the approval of the superintendent obtained pursuant to section
252, and in accordance with such procedures as the superintendent may require.
[2001, c. 211, §21 (amd).]
B. If any credit union involved in the proposed merger is a federal credit union, such merger is subject to all applicable
laws, rules and regulations of the United States. A credit union involved in the proposed merger that is organized under
provisions of law of another state is subject to all applicable laws, rules and regulations of that state.
[2001, c. 211, §21 (amd).]
[2001, c. 211, §21 (amd).]
2. Plan and adoption. The merger shall be pursuant to a plan agreed upon by a majority of the board of directors of each credit union joining in
the merger; and approved by the affirmative vote of a majority of the members voting in person or by proxy at meetings of
each credit union called for that purpose or by written consent of the majority of the members of each credit union.
[1975, c. 500, §1 (new).]
3. Compliance. The superintendent shall not approve said merger unless the surviving credit union would be in compliance with all other
laws of the State regulating the organization of credit unions.
[1975, c. 500, §1 (new).]
4. Effective date; certificate.
A. When the requirements as to approval have been met, including the approval of the superintendent and any Federal agency
whose approval may be required under federal law for such merger or consolidation, the superintendent shall, issue an appropriate
certificate which must be filed in all places where original organization certificates are required to be filed in this State.
In all cases, the superintendent shall cancel the charters of those credit unions organized under the laws of this State which
will cease to exist under the terms of the merger and file notice of such action in all places where organization certificates
are required to be filed in this State.
[1975, c. 500, §1 (new).]
B. The merger shall become effective upon filing of the certificates pursuant to paragraph A, unless a later effective date
was set forth in the certificate.
[1975, c. 500, §1 (new).]
[1975, c. 500, §1 (new).]
5. Effect of merger. Upon the issuance by the superintendent of a certificate to the surviving credit union, all property rights and interests
of the merged credit union vest in the surviving credit union, without deed, endorsement or other instruments of transfer;
and all debts, obligations and liabilities of the merged credit unions are assumed by the surviving credit union. Thereafter,
the charter of any merged credit union is void, and existence of the merged credit union as a legal entity separate from the
surviving credit union terminate. Sections 357 and 358 apply to such mergers.
[1997, c. 398, Pt. L, §12 (amd).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1997,
Ch. 398,
§L12
(AMD).
PL 2001,
Ch. 211,
§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 - §873. Conversion: Federal to State charter
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§873. Conversion: Federal to State charter
1. Eligibility. A credit union now or hereafter authorized to do business in this State and organized pursuant to provisions of Federal law
may become subject to this Part and receive a charter as a state-chartered credit union by making application in writing to
the superintendent for such conversion. The superintendent may approve or disapprove such conversion in accordance with the
criteria set forth in section 253; provided that as a condition precedent to such approval, the credit union shall show compliance
with all applicable Federal laws and regulations relating to such conversion.
[1975, c. 500, §1 (new).]
2. Issuance of charter. Upon receiving approval from the superintendent, the credit union shall be issued a charter under this Part, which fact shall
be certified by the superintendent to the Secretary of State; and, from and after the issuance of such charter, said credit
union shall be subject to the provisions of this Part and all regulations issued hereunder.
[1975, c. 500, §1 (new).]
3. Applicability of other sections. A credit union converting to a state charter pursuant to this section is subject to the provisions contained in sections
357 and 358 governing resulting institutions.
[1997, c. 398, Pt. L, §13 (amd).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1997,
Ch. 398,
§L13
(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 - §874. Conversion: State to federal charter
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§874. Conversion: State to federal charter
A credit union organized under the general or special laws of this State may convert to a federally chartered credit union.
Approval of the members of the credit union for the conversion must be obtained in the manner set forth in section 342, subsection
6. Upon obtaining the approval, the credit union shall provide to the superintendent all necessary approvals and charters
required by the National Credit Union Administration and all federal laws and regulations applicable to the conversion. The
superintendent shall notify the Secretary of State that the conversion has been effected. A copy of the approval or charter
must accompany the notification.
[2003, c. 322, §43 (amd).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1985,
Ch. 647,
§10
(AMD).
PL 2003,
Ch. 322,
§43
(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 - §875. Conversion: change in type of state charter
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§875. Conversion: change in type of state charter
A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to
do business as a financial institution organized under chapter 32 if any plan of conversion authorized by this section is
adopted and approved in accordance with the requirements of section 343.
[1997, c. 398, Pt. K, §8 (amd).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1997,
Ch. 398,
§K8
(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 - §876. Acquisitions
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§876. Acquisitions
A credit union organized under the laws of this State may acquire all or substantially all the assets of, or assume the liabilities
of, any other credit union organized under provisions of the laws of this State, another state or federal laws or any financial
institution authorized to do business in this State; provided that such purchase or sale pursuant to this section be executed
in accordance with the requirements of section 355 and be subject to the provisions of sections 357 and 358.
[2001, c. 211, §22 (amd).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1975,
Ch. 666,
§30
(RPR).
PL 2001,
Ch. 211,
§22
(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 - §877. Fees for mergers, conversions and acquisitions
Title 9-B: FINANCIAL INSTITUTIONS
Part 8: CREDIT UNIONS
Chapter 87: DISSOLUTION, MERGERS AND CONVERSIONS
§877. Fees for mergers, conversions and acquisitions
An application made pursuant to sections 872, 872-A, 873, 875 or 876 may not be considered complete unless accompanied by
an application fee payable to the Treasurer of State to be credited and used as provided in section 214. The superintendent
shall establish the amount of the application fee, which may not exceed $2,000.
[1999, c. 218, §26 (amd).]
Section History:
PL 1975,
Ch. 666,
§31
(NEW).
PL 1999,
Ch. 218,
§26
(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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