Montana Code 32-2-807. Bylaws
32-2-807. Bylaws. (1) The bylaws must be in conformity with the provisions of this chapter and must be open to inspection by the members at the principal place of business during regular business hours.
Terms Used In Montana Code 32-2-807
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
- 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
(2)The bylaws, among other things, must provide for:
(a)the character and method of conducting the business of the mutual association, with rules governing the addition of members and the amount of the membership fee;
(b)the annual meeting of the members;
(c)the annual election and qualification of directors and the term or period during which the directors shall serve;
(d)the appointment of officers;
(e)the adoption, ratification, and amendment of the bylaws, which may be made either by the members or by the board of directors;
(f)the method of voting at the annual meeting; and
(g)the periodic investigation of the business and condition of the mutual association.
(3)The bylaws and any change or amendment of the bylaws are not effective until first reviewed and approved by the department, and a mutual association may not commence the transaction of business until after the bylaws have been reviewed and approved by the department.