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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).
