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In re: QUADS Trust Company Conservatorship - APPROVAL OF SALE OF CERTAIN ASSETS AND APPOINTMENTOF A SUCCESSOR CUSTODIAN FOR THOSE ASSETS

WHEREAS, pursuant to 9-B M.R.S.A. § 363-A(1)(b)(2), the Conservator has requested approval of the Superintendent for QUADS Trust company ("QTC") to resign as custodian of certain individual retirement accounts with non-traditional assets ("NTIRA's") and to appoint Millennium Trust Company of Oak Brook, Illinois ("MTC") as Successor Custodian pursuant to an agreement between QTC and MTC effective 5:00 p.m. on June 22, 2007, a copy of which is attached hereto and made a part hereof; and

WHEREAS, the Superintendent concurs with the Conservator that the sale of above-referenced accounts or plans to a custodian with greater financial and managerial resources is in the best interests of the accountholders of the NTIRA's;

THEREFORE, the Superintendent hereby approves, under the terms and conditions set forth in the agreement between QTC and MTC, the resignation of QUADS Trust Company as custodian of NTIRA accounts and appointment of Millennium Trust Company as successor custodian of those accounts.

By Order of the Superintendent of the Maine Bureau of Financial Institutions, effective this date at Gardiner, Maine.

Dated: June 14th, 2007
/s/ Lloyd P. LaFountain III
Superintendent
Maine Bureau of Financial Institutions

Appellate Rights

Pursuant to 9-B M.R.S.A. §363-A(10), any person aggrieved by the foregoing Order may bring an actions challenging it in the Superior Court of Kennebec County at Augusta, Maine within ten (10) business days after receiving notice of the Order by any of those means prescribed by 9-B M.R.S.A. 363-A(10)(B).


 

 

Last Updated: June 5, 2013