SP0013
LD 4		 First Regular Session - 124th Maine Legislature
C "A", Filing Number S-5
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 LR 21
Item 2
Bill Tracking Chamber Status

Amend the bill by striking out all of section 1 and inserting the following:

‘Sec. 1. 9-B MRSA §325, sub-§1, ¶A,  as amended by PL 1997, c. 398, Pt. D, §10, is further amended to read:

A.  The persons named in the articles of incorporation constitute the original board of corporators of a mutual financial institution. Membership on this board continues until terminated pursuant to the articles of incorporation or bylaws, by death, resignation or disqualification as provided in this section.

Sec. 2. 9-B MRSA §325, sub-§1, ¶B,  as amended by PL 1997, c. 398, Pt. D, §10, is repealed.

summary

This amendment replaces the bill. As in the bill, the amendment repeals the requirement that a corporator of a mutual financial institution must retire at 72 years of age. The amendment also clarifies that the governing body of a mutual financial institution may, in its bylaws, set limits on membership terms and tenure of corporators.

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