Section 1014 - Closely-related activities1.Permissible activities. A Maine financial institution holding company may engage in any closely related activity or any other activity with the prior permission of the superintendent. [1997, c. 398, Pt. K, §9(AMD).]
2.Termination of nonpermissible activities. A financial institution holding company that is engaged in an activity that is not permissible for Maine financial institution holding companies to engage in may nevertheless acquire control of a Maine financial institution with the approval of the superintendent as provided in section 1013; provided that before the acquisition is consummated such financial institution holding company shall cease to engage in that activity in Maine, unless it is exempted from the prohibitions of subsection 1 by reason of subsection 3. [1975, c. 500, §1(NEW).]
3.Exemptions. The prohibitions of subsection 1 do not apply with respect to any activity in which a Maine financial institution holding company was lawfully engaged in on October 1, 1975, unless the superintendent, after notice and opportunity for a hearing, determines that termination of the activity is necessary to assure the safety and soundness of a subsidiary financial institution. Any expansion of such activity in this State would be subject to such conditions as the superintendent may require. [RR 1997, c. 2, §40(COR).]
4.Impermissible activity. The establishment or acquisition of control of a Maine financial institution does not constitute an activity permitted by this section. A financial institution holding company which seeks to establish or acquire control of a Maine financial institution is subject to the provisions of sections 1013 and 1015. [1983, c. 252(NEW).]
1975, c. 500, § 1 (NEW) . 1983, c. 252, (AMD) . 1987, c. 90, § 2 (AMD) . RR 1997, c. 2, § 40 (COR) . 1997, c. 398, §K9 (AMD) .