Montana Code 32-2-602. General applicability
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32-2-602. General applicability.It is unlawful for any corporation, partnership, firm, or individual to engage in or transact business as a mutual association, as defined in 32-2-603, except by means of a corporation organized for that purpose.
Terms Used In Montana Code 32-2-602
- 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.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.