Maine Legislature Maine Revised Statutes
  • Session Law
  • Statutes
  • Maine State Constitution
  • Information
  • §354 PDF
  • §354 MS-Word
  • Statute Search
  • Ch. 35 Contents
  • Title 9-B Contents
  • List of Titles
  • Maine Law & Disclaimer
  • Revisor's Office
  • Maine Legislature
§353
Title 9-B: FINANCIAL INSTITUTIONS
Part 3: ORGANIZATION AND STRUCTURE OF FINANCIAL INSTITUTIONS
Chapter 35: MERGERS, CONSOLIDATIONS AND ACQUISITIONS
§354-A

§354. Mergers and consolidations; investor-owned and mutual financial institutions

1.  Resulting mutual financial institution.  An investor-owned financial institution may be merged into or consolidated with a mutual financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subsection.  
A. The acquiring mutual financial institution shall comply with the requirements of section 353, subsections 1 to 4, except that the plan of merger or consolidation must state the amount that institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the superintendent considers appropriate.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
B.   [PL 1997, c. 22, §10 (RP).]
C.   [PL 1997, c. 22, §10 (RP).]
D.   [PL 1997, c. 22, §10 (RP).]
E. The investor-owned institution to be acquired shall comply with section 352, subsections 1 to 6.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
F. Sections 357 and 358 apply to mergers or consolidations made pursuant to this section.   [PL 1997, c. 398, Pt. G, §4 (AMD).]
[PL 1997, c. 398, Pt. G, §4 (AMD).]
2.  Resulting investor-owned institution.  Except as the superintendent may authorize pursuant to section 354‑A, a mutual financial institution may not merge into an investor-owned institution organized under the laws of this State without prior compliance with section 344 and all rules adopted under that section. In accordance with section 1054, subsection 3, paragraph B, a mutual holding company may acquire a mutual financial institution or mutual federal association through merger into a subsidiary universal bank or an interim subsidiary universal bank of the mutual holding company without prior compliance with section 344 and all rules adopted under that section.  
[PL 2021, c. 5, §1 (AMD).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1997, c. 22, §10 (AMD). PL 1997, c. 398, §G4 (AMD). PL 2021, c. 5, §1 (AMD).
The Revisor's Office cannot provide legal advice or interpretation of Maine law to the public.
If you need legal advice, please consult a qualified attorney.
Office of the Revisor of Statutes · 7 State House Station · State House Room 108 · Augusta, Maine 04333-0007
Data for this page extracted on 1/07/2025 11:10:17.
Maine Government
Legislature • Executive • Judicial • Agency Rules
Visit the State House
Tour Guide • Accessibility • Security Screening • Directions & Parking
Email
Office of the Revisor of Statutes