Montana Code 32-1-361. Change from state to national bank
32-1-361. Change from state to national bank. (1) A bank may become a corporation for the purpose of carrying on the business of banking in this state, under the act of congress “to provide a national currency secured by a pledge of United States bonds and to provide for the circulation and redemption thereof”, approved June 3, 1864, and under Title 52 of the Revised Statutes of the United States, when:
Terms Used In Montana Code 32-1-361
- 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
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. 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
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)stockholders owning two-thirds of the stock of the bank vote to become a national bank corporation or execute a written consent authorizing its directors to make the certificate required therefor by the laws of the United States; or
(b)a majority of the directors of the bank, authorized in their discretion to make the change, by a vote of the majority decide to become a national bank corporation.
(2)The cashier of the bank shall:
(a)publish notice of the change once a week for 4 consecutive weeks in the newspaper that the directors select;
(b)send a printed notice by mail or otherwise to all nonvoting or dissenting stockholders; and
(c)notify the department that the bank has decided to become a corporation under the laws of the United States.