Montana Code 32-2-1009. Penalty for maliciously declaring mutual association insolvent
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32-2-1009. Penalty for maliciously declaring mutual association insolvent. If, as a result of malice or for personal gain, an employee or agent of the department declares a mutual association insolvent, the employee or agent forfeits the employee’s or agent’s office.
Terms Used In Montana Code 32-2-1009
- Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603