| | | 3.__Exception requiring approval.__The issuance of equity | | interest or capital notes by a Maine financial institution | | holding company that is not required to file notice with the | | United States Securities and Exchange Commission.__Issuance under | | this subsection also requires prior approval of the | | superintendent.__A Maine financial institution holding company | | may not purchase or redeem its equity interests without the | | superintendent's prior written approval if the gross | | consideration for purchase or redemption, when aggregated with | | the net consideration paid by the company for all such purchases | | or redemptions during the preceding 12 months, is equal to 10% or | | more__of the company's consolidated net worth. |
|
| | | Sec. 15. 9-B MRSA §1215, 2nd ¶, as enacted by PL 1997, c. 398, Pt. J, | | §2, is amended to read: |
|
| | | If the holding company is not deemed to be a financial | | institution holding company under chapter 101 by virtue of | | controlling financial institutions other than nondepository trust | | companies, the superintendent may examine the holding company, | | including its subsidiaries and affiliates, to the extent | | necessary to determine the soundness and viability of the | | nondepository trust company. |
|
| | | Sec. 16. 9-B MRSA §1226, 2nd ¶, as enacted by PL 1997, c. 398, Pt. J, | | §2, is amended to read: |
|
| | | If the holding company is not deemed to be a financial | | institution holding company under chapter 101 by virtue of | | controlling financial institutions other than a merchant bank, | | the superintendent may examine the holding company, including its | | subsidiaries and affiliates, to the extent necessary to determine | | the soundness and viability of the merchant bank. |
|
|
