9-B §1231. General authority and purpose
Title 9-B: FINANCIAL INSTITUTIONS
Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
Chapter 123: UNINSURED BANKS HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
§1231. General authority and purpose
A financial institution that does not accept retail deposits and for which insurance of deposits by the FDIC is not required may be organized pursuant to chapter 31. Unless otherwise indicated in this chapter, an uninsured bank has all the powers, rights, duties and obligations as a financial institution under this Title. An uninsured bank is not a nondepository trust company or a merchant bank. [1997, c. 398, Pt. J, §2 (NEW).]
SECTION HISTORY
1997, c. 398, §J2 (NEW).