Montana Code 32-1-244. Grounds for refusing application to organize
32-1-244. Grounds for refusing application to organize. The commissioner may disapprove an application on a finding that any person named in the application to organize or in other documents submitted for filing:
Terms Used In Montana Code 32-1-244
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204
(1)is insolvent, either in the sense that the person’s liabilities exceeded the person’s assets or that the person cannot meet the person’s obligations as they mature, or is in a financial condition in which the person cannot continue in business with safety to the person’s customers;
(2)has engaged in dishonest, fraudulent, or illegal practices or conduct in any business or profession;
(3)has willfully or repeatedly violated or failed to comply with any provisions of the Bank Act or any rule or order of the commissioner;
(4)has been convicted of any felony or a misdemeanor, if an essential element of the crime is fraud or dishonesty;
(5)is not qualified to conduct a banking business on the basis of factors such as training, experience, and knowledge of the business;
(6)is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the banking business or other business that may lawfully be conducted by an insured institution;
(7)is the subject of an order of the commissioner subjecting the person to a civil penalty or removing the person from an office in any entity regulated by the commissioner; or
(8)is the subject of an order directing the person to cease and desist from any fraudulent or unlawful business or banking practice, subjecting the person to a civil penalty, or removing the person from an office in a financial institution or a consumer finance company issued by a state, the comptroller of the currency, the board of governors of the federal reserve system, or any other agency of the federal government or another state with regulatory authority over financial institutions or consumer finance companies.