Sec. L-1. 5 MRSA §138, 3rd ¶, as amended by PL 1991, c. 780, Pt. Y, §10, is further amended to read:
The Treasurer of State, with the approval of the Commissioner of Administrative and Financial Services, the Superintendent of Banking and the Attorney General, has the power to enter into contracts or agreements approved by the Governor with any national bank, trust company or safe deposit company located in New England or New York City for custodial care and servicing of the securities belonging to the permanent trust funds of this State. Such services must consist of the safekeeping of those securities, collection of interest and dividends, periodical checks of the portfolio deposited for safekeeping to determine all calls for redemption, in whole or in part, of any bonds owned by such funds, and any other fiscal service that is normally covered in a custodial contract or agreement. In performing services under any such contract or agreement, the contracting bank has all of the powers and duties prescribed for trust companies by Title 9-B, section 623 473.
Sec. L-2. 5 MRSA §139, 2nd ¶, as amended by PL 1991, c. 780, Pt. Y, §11, is further amended to read:
The Treasurer of State, with the approval of the Commissioner of Administrative and Financial Services, the Superintendent of Banking and the Commissioner of Education, has the power to enter into a contract or agreement approved by the Governor with any national bank, trust company or safe deposit company located in New England or New York City for custodial care and servicing of the securities belonging to any trust fund created from funds derived or that may be derived from the sale and lease of lands reserved for public uses. Such services must consist of the safekeeping of those securities, collection of interest and dividends, periodical checks of the portfolio deposited for safekeeping to determine all calls for redemption, in whole or in part, of any bonds owned by such funds, and any other fiscal service that is normally covered in a custodial contract or agreement. In performing services under any such contract or agreement, the contracting bank has all of the powers and duties prescribed for trust companies by Title 9-B, section 623 473.
Sec. L-3. 5 MRSA §17110, sub-§1, ¶A, as enacted by PL 1985, c. 801, §§5 and 7, is amended to read:
A. A contracting bank performing services under a contract or agreement pursuant to this section shall comply with Title 9-B, section 623 473.
Sec. L-4. 9-A MRSA §1-301, sub-§6-A, as enacted by PL 1987, c. 129, §16, is amended to read:
6-A. "Business day" means a day on which a creditor's offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission, the term means all calendar days, except Sundays and the holidays established by Title 9-B, section 141 145, subsection 1.
Sec. L-5. 9-B MRSA §131, sub-§25, as enacted by PL 1975, c. 500, §1, is amended to read:
25. Making a loan. "Making a loan" means a loan made to a borrower by a single financial institution, or the purchase of a loan as authorized in section 434 431-A.
Sec. L-6. 9-B MRSA §161, sub-§1, ¶B, as amended by PL 1985, c. 647, §1, is further amended to read:
B. "Financial records" means any original or any copy of:
(1) A document granting signature authority over a deposit, deposit-like or share account;
(2) A statement, ledger card or other record of any deposit, deposit-like, share or loan account, which shows each transaction in or with respect to that account;
(3) A check, clear draft or money order drawn on an institution or issued and payable by an institution; or
(4) Any item, other than an institutional or periodic charge, made pursuant to any agreement by an institution and a person which that constitutes a debit or credit to that person's deposit, deposit-like, share or loan account, including charges made through the use of credit cards as authorized by section 444, if the item is not included in subparagraph (3).
Sec. L-7. 9-B MRSA §465-A, sub-§6, as enacted by PL 1991, c. 681, §3, is amended to read:
6. Liability for making. Every principal stockholder, officer, agent or employee of a financial institution who authorizes or assists in procuring or granting or who causes the granting of a loan in violation of this section or section 539-A or 854, to the extent that the financial institution is subject to the provisions of section 539-A 439-A or 854, or who pays or willfully permits the payment of any funds of that institution on such a loan; every director of a financial institution who votes on a loan in violation of any of the provisions of this section; and every director, principal stockholder, officer, agent or employee who knowingly permits or causes any of those actions to be done is personally responsible for payment of the loan and is guilty of a Class E crime. For purposes of this subsection, "agent" or "employee" does not include an individual who is incidentally involved in the preparation of documents or title work related to a loan.
Sec. L-8. 9-B MRSA §833, sub-§1, ¶B, as enacted by PL 1975, c. 500, §1, is amended to read:
B. Such dividends shall must be paid on all paid-up shares outstanding at the end of the period for which the dividend is declared. Shares which that become fully paid up during such dividend period and are outstanding at the close of the period shall be are entitled to a proportional part of such dividend for each month of the period in accordance with section 425.
Sec. L-9. 9-B MRSA §851, sub-§2, as enacted by PL 1975, c. 500, §1, is amended to read:
2. Applicability of other sections. In addition, a credit union shall be is subject to section 432 relating to interest absent in writing; and to section 434 relating to loan participations.
Sec. L-10. 9-B MRSA §858, as enacted by PL 1975, c. 500, §1, is amended to read:
§858. Federal funds loans or sales
A credit union may lend or sell to any member bank of the Federal Reserve System, or to any trust company incorporated under the laws of this State, such deposits as it maintains with a member bank or trust company, in accordance with the provisions of section 438 bank, savings bank or savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation.
Sec. L-11. 9-B MRSA §862, sub-§2-A, ¶E, as enacted by PL 1987, c. 405, §33, is amended to read:
E. A credit union may invest in guaranteed loans pursuant to section 532, subsections 3 and 4 United States or State Government guaranteed loans.
Sec. L-12. 9-B MRSA §872, sub-§5, as enacted by PL 1975, c. 500, §1, is amended to read:
5. Effect of merger. Upon the issuance by the superintendent of a certificate to the surviving credit union, all property rights and interests of the merged credit union shall vest in the surviving credit union, without deed, endorsement or other instruments of transfer; and all debts, obligations and liabilities of the merged credit unions are assumed by the surviving credit union. Thereafter, the charter of any merged credit union is void, and existence of the merged credit union as a legal entity separate from the surviving credit union shall terminate. Sections 356, 357 and 358 shall apply to such mergers.
Sec. L-13. 9-B MRSA §873, sub-§3, as enacted by PL 1975, c. 500, §1, is amended to read:
3. Applicability of other sections. A credit union converting to a State state charter pursuant to this section shall be is subject to the provisions contained in sections 356, 357 and 358, governing resulting institutions.
Sec. L-14. 9-B MRSA §915, sub-§1, as enacted by PL 1975, c. 500, §1, is amended to read:
1. Mergers and consolidations. An industrial bank may merge or consolidate with another industrial bank or a financial institution organized under the laws of this State; provided except that any such merger or consolidation shall must be executed pursuant to the provisions of sections section 352 or 354 and shall be is subject to the provisions of sections 356, 357 and 358.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective June 5, 1997.
| Revisor of Statutes Homepage | Subject Index | Search | Laws of Maine | Maine Legislature |
