9-B §1212. Organization of nondepository trust companies
Title 9-B: FINANCIAL INSTITUTIONS
Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
Chapter 121: NONDEPOSITORY TRUST COMPANIES HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
§1212. Organization of nondepository trust companies
1. Organization. A nondepository trust company must be organized pursuant to chapter 31.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
2. Organizational documents. The organizational documents of a nondepository trust company 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 121 and does not have the power to solicit, receive or accept money or its equivalent on deposit or to lend money except for lending reasonably related to and deriving from its service as fiduciary or its conduct of trust business." This statement in the organizational documents of a nondepository trust company may not be amended.
[ 1997, c. 398, Pt. J, §2 (NEW) .]
3. Conversion. A nondepository trust company 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).