Montana Code 32-2-904. Mutual associations — powers and duties
32-2-904. Mutual associations — powers and duties. (1) A mutual association may:
Terms Used In Montana Code 32-2-904
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bequest: Property gifted by will.
- Capital: means , with respect to a mutual association:
(a)retained earnings; or
(b)at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. See Montana Code 32-2-603
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Personal property: All property that is not real property.
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Property: means real and personal property. See Montana Code 1-1-205
- 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
- Statute: A law passed by a legislature.
(a)act as fiscal agent for and receive deposits from the federal government, this state, or any agency or political subdivision of the federal government or this state;
(b)sue and be sued, complain, and defend in any court of law or equity;
(c)have a corporate seal, affixed by imprint, facsimile, or otherwise;
(d)appoint officers and agents as its business requires and allow them suitable compensation;
(e)adopt bylaws not inconsistent with the laws of Montana and the rules adopted under the laws of Montana;
(f)raise capital, which must be unlimited, by accepting payments on savings, demand, or other accounts, as are authorized by statute and rule, and the holders of the accounts or other accounts must, to the extent as may be provided by such rules and regulations, be members of the association and must have the voting rights and other rights as are provided;
(g)issue notes, bonds, debentures or other obligations, or securities, provided by or under any provision of state statute as from time to time is in effect;
(h)provide for redemption of insured accounts;
(i)borrow money without limitation and pledge and otherwise encumber any of its assets to secure its debts;
(j)lend and otherwise invest its funds as authorized by statute and rules;
(k)wind up and dissolve, merge, consolidate, convert, or reorganize;
(l)purchase, hold, and convey real estate and personal property consistent with its objectives, purposes, and powers;
(m)mortgage or lease any real estate and personal property and take the property by gift, devise, or bequest; and
(n)exercise all powers conferred by law.
(2)In addition to the powers listed in subsection (1), the mutual association may have power to do all things reasonably incident to the accomplishment of its express objects and the performance of its express powers.