Sec. 7. 9-B MRSA §342, sub-§2, ķE is enacted to read:

E.__Upon approval of the superintendent and evidence that the converting institution has complied with all applicable state and federal laws, rules and regulations, the superintendent shall issue to the resulting institution a certificate specifying the name of the converting institution and shall file a copy of the certificate with the Secretary of State.__This certificate, once filed, is conclusive evidence of the conversion and of the correctness of all proceedings related to the conversion in all courts and places.__Unless a later date is specified in the certificate, the conversion is effective upon issuance of the certificate.

Sec. 8. 9-B MRSA §412-A, sub-§3, as enacted by PL 1997, c. 398, Pt. I, §3, is repealed.

Sec. 9. 9-B MRSA §412-A, sub-§3-A is enacted to read:

3-A.__Approval. Any issuance considered as capital under subsection 1 or under rules adopted under subsection 1 must be submitted to the superintendent for the superintendent's approval at least 10 days prior to issuance and include any documentation the superintendent considers necessary.

Sec. 10. 9-B MRSA §445, sub-§1, as amended by PL 1997, c. 22, §12, is further amended to read:

1. Authorization. A financial institution may establish, acquire or invest in the capital stock equity interest, obligations or other securities of a service corporation, as defined in section 131, or otherwise participate in or utilize the service of such a corporation. A service corporation may be owned by one or more institutions engaged in the business of banking.

Sec. 11. 9-B MRSA §864, sub-§2, ķA, as enacted by PL 1993, c. 99, §2, is amended to read:

A. The service corporation is structured as either a corporation or limited partnership, in order to limit the credit union's exposure to loss; and

Sec. 12. 9-B MRSA §882, as amended by PL 1997, c. 108, §14, is repealed and the following enacted in its place: