Montana Code 32-1-245. Additional requirements after approval of application
32-1-245. Additional requirements after approval of application. Following approval of the application, the incorporators must:
Terms Used In Montana Code 32-1-245
- 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
- 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 administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- 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
(1)file a signed original of the articles of incorporation with the department for filing with the secretary of state and pay the filing fee;
(2)provide acceptable proof that the capital of the institution has been placed into escrow;
(3)if the bank will accept money on deposit, prove that the bank has federal deposit insurance corporation insurance, or provide satisfactory assurance from the federal deposit insurance corporation that the proposed bank will be accepted for insurance when the applicants comply with certain stated minor requirements imposed by the federal deposit insurance corporation. “Minor requirements” must be of a type and character that the commissioner determines can be promptly complied with by the applicants without serious difficulty.
(4)provide proposed bylaws that comply with Montana law to the department for review and approval.