Montana Code 32-1-246. Shell bank
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32-1-246. Shell bank. The department shall adopt rules providing an application process, processing times, requirements, fees, and criteria for the approval of a shell bank.
Terms Used In Montana Code 32-1-246
- 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
- Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- Shell bank: means a bank organized solely for the purpose of, and that does not conduct any banking business prior to, acquiring control of, merging with, or acquiring all or substantially all of the assets of an existing bank or savings association. See Montana Code 32-1-109