STATE STATUTES & CODES
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MAINE STATUTES AND CODES
9-B §1221. General purpose and authority
Title 9-B: FINANCIAL INSTITUTIONS
Part 12: SPECIALTY OR LIMITED PURPOSE FINANCIAL INSTITUTIONS HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
Chapter 122: MERCHANT BANKS HEADING: PL 1997, C. 398, PT. J, §2 (NEW)
§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).