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| 4.__Proceedings generally.__The superintendent, conservator or | | receiver may bring an action described in this chapter, or any | | other action as determined appropriate, in the county in which the | | financial institution is located or has its principal place of | | business or in the Superior Court of Kennebec County. The | | proceedings must be given precedence over other pending court cases | | and must be expedited. |
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| | | 5.__Powers of superintendent.__The superintendent has the | | following powers. |
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| | | A. The superintendent may take any actions necessary to | | carry out the terms and provisions of this chapter. |
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| | | B.__All powers conferred under this chapter on the | | superintendent are in addition to the powers otherwise | | conferred upon the superintendent by law. |
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| | | C.__The superintendent may adopt rules for the purpose of | | carrying out provisions of this chapter. Rules adopted | | pursuant to this paragraph are routine technical rules as | | defined in Title 5, chapter 375, subchapter 2-A. |
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| | | 6.__Mergers.__The conservator or receiver, with the approval | | of the superintendent, may order the merger or consolidation of | | any financial institution that is described in section 363-A or | | 365 with any other financial institution, state-chartered or | | federally chartered, with the consent of the other financial | | institution and may prescribe the mode or procedure for the | | merger or consolidation and the terms and conditions of the | | merger or consolidation. |
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| | | Sec. 11. 9-B MRSA §469 is enacted to read: |
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| | | §469.__Fundamental change in asset composition |
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| | | 1.__Requirement of prior approval.__A financial institution, | | without the prior written approval of the superintendent, may not | | change the composition of all or substantially all of its assets | | through sales or other dispositions of assets, through purchases | | or other acquisitions of assets or through other expansions of | | its operations. |
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| | | 2.__Considerations.__In determining whether to approve the | | change in the asset composition of a financial institution, the | | superintendent shall consider the purpose of the proposed | | transaction, its impact on the safety and soundness of the | | financial institution and any effect on the customers of the | | financial institution.__If the superintendent concludes that a |
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