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66 chapters · 278 sections in this title.
9-B M.R.S. § 1221 General purpose and authority
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A merchant bank is a financial institution organized under the provisions of this Title whose activities are generally limited to lending and investing as well as trust or fiduciary matters. Deposit activity is prohibited. Unless otherwise indicated in this chapter, a merchant ba…
9-B M.R.S. § 1222 Organization of merchant banks
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1. Organization. A merchant bank must be organized pursuant to chapter 31 and must be managed and governed pursuant to this Title and the applicable provisions of Title 13‑C and Title 31, chapters 15, 19 and 21, depending upon the organizational form selected. 1-A. Principal offi…
9-B M.R.S. § 1223 Capital
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1. Initial capital. 2. Capital. A merchant bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or any rules adopted under section 412-A. The superintendent may establish different capital mainten…
9-B M.R.S. § 1223-A Asset pledge
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1. Pledge requirement. The superintendent may require a merchant bank to pledge readily marketable assets to the superintendent if the superintendent believes that the action is necessary for the protection of the public. The pledged assets must be United States dollar denominate…