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USA Statutes : maine
Title : Title 09-B. FINANCIAL INSTITUTIONS
Chapter : Chapter 91. INDUSTRIAL BANKS
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Title 9-B - §911. Definition
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§911. Definition
"Industrial bank" means a corporation organized under Title 9, Part 5 as repealed on October 1, 1975 and which was, on or
before June 1, 1967, making loans and selling certificates of investment, either of fixed or uncertain term, and receiving
payments in installments or otherwise, with or without an allowance of interest upon these installments.
[RR 1997, c. 2, §38 (cor).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
RR 1997,
Ch. 2,
§38
(COR).
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 - §912. Capital and management
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§912. Capital and management
1. Stock: classes; par value. The capital stock of an industrial bank shall have a par value $100 for each share, and only one class of such stock shall
be created.
[1975, c. 500, §1 (new).]
2. Management. Except as otherwise provided in this chapter, the management and operations of an industrial bank must be conducted in accordance
with the provisions of Title 13-C.
[RR 2001, c. 2, Pt. B, §17 (cor); §58 (aff).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
RR 2001,
Ch. 2,
§B17
(COR).
RR 2001,
Ch. 2,
§B58
(AFF).
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 - §913. Powers
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§913. Powers
In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall
have the power to:
[1975, c. 500, § 1 (new).]
1. Borrow and lend. Borrow and to lend money, and discount notes and bills of exchange including trade acceptances;
[1975, c. 500, § 1 (new).]
2. Investments. Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions
of chapter 55.
[1975, c. 500, § 1 (new).]
3. FHA insured loans. Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for
and obtain insurance on said loans pursuant to said Act.
[1979, c. 663, § 55 (amd).]
4. Certificates of investment. Sell certificates of investment, either of fixed or of uncertain term; and
[1979, c. 663, § 55 (amd).]
5. Branches. Establish branch or agency offices in accordance with chapter 33; provided that the powers set forth in subsection 4 may
only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967.
[1975, c. 500, § 1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1979,
Ch. 663,
§55
(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 - §914. Insurance of certificates of investment
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§914. Insurance of certificates of investment
Every industrial bank shall comply with the requirements of section 422, relating to insurance of deposits, and shall be deemed
a "financial institution" for purposes of that section.
[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 - §915. Mergers, consolidations and acquisitions
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§915. Mergers, consolidations and acquisitions
1. Mergers and consolidations. An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws
of this State except that any such merger or consolidation must be executed pursuant to the provisions of section 352 or 354
and is subject to the provisions of sections 357 and 358.
[1997, c. 398, Pt. L, §14 (amd).]
2. Acquisitions. An industrial bank may sell all or substantially all of its assets and liabilities to a financial institution organized under
the laws of this State, or purchase all or substantially all of the assets and assume the liabilities of, another industrial
bank; provided that such purchase or sale shall be executed pursuant to the provisions of section 355 and shall be subject
to the provisions of sections 357 and 358.
[1975, c. 500, §1 (new).]
3. Mergers into other corporations. Nothing contained in subsection 1 or 2 may be construed as prohibiting an industrial bank from merging or consolidating
with, being acquired by, or selling its assets to a corporation or entity that is not enumerated in subsection 1 or 2; as
long as the merger, consolidation, acquisition or sale is executed in accordance with the provisions of Title 13-C, and timely
notice of that action is given to the superintendent; and as long as upon the effective date of the action, the industrial
bank forfeits its charter as an industrial bank and ceases all activities as an industrial bank, which fact must be certified
by the superintendent to the Secretary of State.
[RR 2001, c. 2, Pt. B, §18 (cor); §58 (aff).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1997,
Ch. 398,
§L14
(AMD).
RR 2001,
Ch. 2,
§B18
(COR).
RR 2001,
Ch. 2,
§B58
(AFF).
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 - §916. Liquidations and conservation of assets
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§916. Liquidations and conservation of assets
Industrial banks shall be subject to the provisions of chapter 36 relating to voluntary and involuntary liquidations, and
the provisions of said chapter relating to conservation and segregation of assets.
[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 - §917. Superintendent's authority
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§917. Superintendent's authority
1. Supervision and examination. An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2.
[1975, c. 500, § 1 (new).]
2. Interest rate ceilings. The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid by
an industrial bank on certificates of investment and other deposit accounts offered by such company. Regulations promulgated
by the superintendent establishing such ceilings shall seek to maintain competitive equality among all financial institutions
in this State.
[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 - §918. Unlawful acts
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§918. Unlawful acts
No industrial bank authorized to do business in this State shall:
[1975, c. 500, § 1 (new).]
1. Loan limitations; rates of loan to capital and surplus. Hold at any one time the direct obligation or obligations of any one person, firm or corporation for more than 4% of the
amount of total capital and reserves of such industrial bank or the indirect obligation or obligations of any one person,
firm or corporation for more than 15% of the amount of total capital and reserves of such industrial bank. Nothing in this
section shall be construed to limit the holdings of an industrial bank in the obligations of the United States or the State
of Maine, and in amounts authorized by a vote of a majority of the directors or the executive committee. For the purpose of
this section, bills of exchange, including trade acceptances, shall be deemed to be the direct obligations of the acceptors
thereof and the indirect obligations of the drawers thereof.
[1975, c. 500, § 1 (new).]
2. Deposit of funds in other financial institutions. Deposit any of its funds with any other financial institution, unless such institution has been designated as such depository
by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director
or trustee of the depository so designated; or
[1979, c. 663, § 56 (amd) Eff 3-28-80.]
3. Borrowing limitations. Be at any time indebted for borrowed money to an amount in excess of 100% of its total capital and reserves, except that
by vote of a majority of its entire board of directors or executive committee setting forth the reasons therefor, and upon
receiving the written consent of the superintendent thereto, it may borrow money to redeem its certificates of investment
or prevent loss by sale of assets, and may redeem rediscount notes, or pledge bonds, notes or other securities as collateral
therefor. Copies of all votes authorizing such excess borrowing shall be promptly forwarded by the secretary to the superintendent.
Rediscount shall be considered as borrowed money for the purpose of this section.
[1975, c. 500, § 1 (new).]
Section History:
PL 1975,
Ch. 500,
§1
(NEW).
PL 1979,
Ch. 663,
§56
(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 - §919. Use of name "industrial bank"
Title 9-B: FINANCIAL INSTITUTIONS
Part 9: INDUSTRIAL BANKS
Chapter 91: INDUSTRIAL BANKS
§919. Use of name "industrial bank"
No person, firm or corporation shall use, hold itself out as being, or advertise with the name "industrial bank", except that
industrial banks which were properly authorized and doing business on or before June 1, 1967, may use such name at and in
connection with their principal office and any branches which were so authorized and doing business on or before said date,
and may continue to sell certificates of investment, either fixed or uncertain, and to receive payments in installments or
otherwise, with or without an allowance of interest upon such installments, if doing business in such certificates on or before
said date.
[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 04333-0007
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