Montana Code 35-21-851. Director, officer, or trustee loans — penalties
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35-21-851. Director, officer, or trustee loans — penalties. (1) A director or officer of the mausoleum-columbarium authority or trustee of the endowment care or special care fund may not borrow any endowment care or special care funds of the corporation, directly or indirectly.
Terms Used In Montana Code 35-21-851
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
(2)A director, officer, or trustee authorizing or consenting to a loan and the person who receives a loan in violation of this section are severally guilty of a misdemeanor.