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PUBLIC LAWS OF MAINE
Second Special Session of the 121st

CHAPTER 528
S.P. 649 - L.D. 1717

An Act To Clarify Membership on Boards of Directors for Maine Financial Institutions

     Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and

     Whereas, the Maine Business Corporation Act took effect July 1, 2003 and has standardized the corporate structure and governance of Maine corporations; and

     Whereas, certain provisions in law remain inconsistent with that Act; and

     Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

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

     Sec. 1. 9-B MRSA §326, first ¶, as corrected by RR 2001, c. 2, Pt. B, §10 and affected by §58, is amended to read:

     Except as provided in this section and section 327, the management and operations of a financial institution organized under this chapter must be pursuant to Title 13-C, chapter 8.

     Sec. 2. 9-B MRSA §326, sub-§1, ¶A, as amended by PL 1997, c. 398, Pt. D, §13, is further amended to read:

     Sec. 3. 9-B MRSA §326, sub-§1, ¶C, as enacted by PL 1975, c. 500, §1, is amended to read:

     Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

Effective March 3, 2004.

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