Sec. H-1. 9-B MRSA §361, as enacted by PL 1975, c. 500, §1, is amended to read:
§361. Applicability of chapter
The provisions of this chapter shall apply to savings banks, trust companies, savings and loan associations, and industrial banks financial institutions organized under the laws of this State.
Sec. H-2. 9-B MRSA §362, sub-§1, as enacted by PL 1975, c. 500, §1, is amended to read:
1. Application to court. Whenever it may become necessary to preserve the assets or protect depositors in a financial institution, the Superior Court may, on application by the superintendent, the directors governing body of such institution, or 3/4 of its depositors, members or stockholders investors or more if required by the institution's organizational documents, after due notice, issue an order restraining the institution from paying out its funds or any portion thereof of its funds or from declaring or paying any dividends or deposits for such time as the court shall deem considers advisable.
Sec. H-3. 9-B MRSA §364, sub-§§1, 3 and 4, as enacted by PL 1975, c. 500, §1, are amended to read:
1. Application to court. Whenever, in the opinion of the superintendent and a majority of the directors governing body of any financial institution, or in the opinion of 3/4 of its depositors, members or stockholders investors or more if required by the institution's organizational documents, it is inexpedient for any reason for said the institution to continue the further prosecution of its business, the directors governing body may join with the superintendent in an application to the Superior Court for liquidation of the affairs of said the institution, or such the depositors, members or stockholders investors may file such an application.
3. Order to liquidate. If, after notice and hearing on said application, such the court is of the opinion that it is inexpedient for said the institution to continue the further prosecution of its business, it may make such orders and decrees as seem proper for liquidation of the institution's affairs, distribution of its assets, protection of its depositors, members and stockholders investors, if any, and the welfare of the community.
4. Liquidation proceedings. Further proceedings on such application may be in the manner provided for liquidation of an insolvent financial institution, or the court may authorize the chief executive officer, president and directors governing body of such institution then in office to liquidate its affairs under direction of the court.
Sec. H-4. 9-B MRSA §365, sub-§1-A, as enacted by PL 1991, c. 34, §5, is amended to read:
1-A. Appointment of receiver. If, upon examination of a financial institution, the superintendent is of the opinion that it is insolvent or that its condition renders its further proceedings hazardous to the public or to those having funds including trust assets in its custody, the superintendent may appoint a receiver who shall proceed to close the financial institution.
Sec. H-5. 9-B MRSA §365, sub-§10, as amended by PL 1991, c. 386, §11, is further amended to read:
10. Procedures in liquidation. When the superintendent appoints the Federal Deposit Insurance Corporation FDIC as receiver, federal law prescribes the procedures that the Federal Deposit Insurance Corporation FDIC follows in liquidation of the insolvent bank institution. When an insolvent stock institution or an insolvent mutual institution is liquidated, assets must be distributed in the following priority:
A. First, the payment of the costs and expenses of the liquidation;
B. Second, the payment of claims for deposits, including, but not limited to, the claims of depositors in a mutual institution for the return of their deposits;
C. Third, the payment of all debts, claims and obligations owed by the institution and not accorded priority pursuant to paragraphs A and B;
D. Fourth, the payment of claims otherwise proper that were not filed within the prescribed time; and
E. Fifth, the payment of any obligation expressly subordinated to deposits and to claims entitled to the priority established by paragraphs A and B.
Any funds remaining must be divided among the stockholders investors in a stock an investor-owned institution according to their respective interests or, in the case of a mutual institution, pro rata among the depositors in proportion to the respective amount of their deposits.
Interest must be given the same priority as the claim on which it is based, but interest may not be paid on any claim until the principal of all claims within the same class and all higher-priority classes has been paid or adequately provided for in full.
Sec. H-6. 9-B MRSA §368, sub-§1, as enacted by PL 1991, c. 34, §8, is amended to read:
1. Rulemaking. The superintendent may adopt rules to carry out this chapter. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Sec. H-7. 9-B MRSA §368-A, as enacted by PL 1993, c. 538, §3, is amended to read:
§368-A. FDIC; acquisition of stock
The superintendent may waive the provisions of section 314; section 315, subsection 4; section 1013; and section 1015 when common or preferred stock, including stock warrants or stock rights for common or preferred stock, an equity interest is issued to or acquired by the Federal Deposit Insurance Corporation FDIC in settlement of any liability, fixed or contingent, of a financial institution to the Federal Deposit Insurance Corporation FDIC or in connection with the insolvency or liquidation of the financial institution.
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