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2011 Maine Revised Statutes
TITLE 9-B: FINANCIAL INSTITUTIONS
Chapter 122: MERCHANT BANKS
9-B §1221. General purpose and authority


9-B ME Rev Stat § 1221 (2011 through 125th Legis) What's This?

Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS

§1221. General purpose and authority

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 bank has all the powers, duties and obligations of a financial institution under this Title. As one of the purposes of merchant banks is to provide needed capital or investments to businesses that may be impermissible or imprudent for depository financial institutions, its lending and investment activities are less restricted. [1997, c. 398, Pt. J, §2 (NEW).]

SECTION HISTORY

1997, c. 398, §J2 (NEW).

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