Montana Code 17-5-1651. Limitations on board’s power
17-5-1651. Limitations on board‘s power. Under this part, the board may not:
Terms Used In Montana Code 17-5-1651
- Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1604
- 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.
- Department: means the department of commerce created in 2-15-1801. See Montana Code 17-5-1604
- Eligible government unit: means :
(a)any municipal corporation or political subdivision of the state, including without limitation any city, town, county, school district, authority as defined in 75-6-304, or other special taxing district or assessment or service district authorized by law to borrow money;
(b)the state, any board, agency, or department of the state, or the board of regents of the Montana university system when authorized by law to borrow money; or
(c)an Indian tribal government, in accordance with 17-1-702. See Montana Code 17-5-1604
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(1)make loans of money to any person, firm, or corporation other than an eligible government unit or purchase securities issued by any person, firm, or corporation other than an eligible government unit as provided in this part;
(2)emit bills of credit, accept deposits of money for time or demand deposit, engage in any form or manner in the conduct of any private or commercial banking business, or act as a savings bank or savings and loan association;
(3)be or constitute a bank or trust company within the jurisdiction or under the control of the department of administration or the comptroller of the currency of the United States department of the treasury;
(4)be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law of the United States or of this state or of any other state.