LD 949
pg. 2
Page 1 of 15 PUBLIC Law Chapter 83 Page 3 of 15
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LR 444
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 9-B MRSA §131, sub-§12-B, as enacted by PL 1995, c. 628, §5,
is repealed and the following enacted in its place:

 
12-B.__Deposit production offices.__"Deposit production
offices" means the Maine offices operated by an individual
financial institution authorized to do business in this State or
individual credit union authorized to do business in this State
that do not reasonably help meet the credit needs of Maine
communities.__For purposes of this subsection, "deposits"
includes credit union share accounts.

 
Sec. 2. 9-B MRSA §232, sub-§1, ¶¶B and C, as amended by PL 1997, c. 660,
Pt. A, §3, are further amended to read:

 
B. By reason of the violation, practice or breach of
fiduciary duty described in paragraph A:

 
(1) The financial institution or financial institution
holding company has suffered or will probably suffer
financial loss or other damage;

 
(2) The interests of the financial institution's
depositors or creditors or the public have been or
could be prejudiced; or

 
(3) The officer or director has received financial gain or
other benefit by reason of the violation, practice or
breach of fiduciary duty; and

 
C. The violation, practice or breach of fiduciary duty
described in paragraph A involves personal dishonesty on the
part of the officer or director or demonstrates willful or
continuing disregard by the officer or director for the
safety or soundness of the financial institution or
financial institution holding company;.

 
Sec. 3. 9-B MRSA §232, sub-§1, ¶D, as amended by PL 1997, c. 660, Pt.
A, §3, is repealed.

 
Sec. 4. 9-B MRSA §232, sub-§1, ¶E, as enacted by PL 1997, c. 660, Pt.
A, §4, is repealed.

 
Sec. 5. 9-B MRSA §232, sub-§1-A is enacted to read:

 
1-A.__Additional grounds for removal.__The superintendent may
serve written notice of intent to remove an officer or director
from office or to prohibit further participation by the


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