Montana Code 32-2-908. Investments of financial institutions
32-2-908. Investments of financial institutions. (1) Notwithstanding other provisions of the law, it is lawful for a mutual association operating under the laws of this state to invest the funds or money in its custody or possession, eligible for investment, in:
Terms Used In Montana Code 32-2-908
- Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
- 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)debentures issued by the federal housing administrator and in obligations of national mortgage associations; and
(b)United States government obligations, either directly or in the form of securities of or other interests in an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 through 80a-64, as amended, if:
(i)the portfolio of the investment company or investment trust is limited to United States government obligations and repurchase agreements fully collateralized by United States government obligations; and
(ii)the investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian.
(2)The department shall publish a list of the permissible type of investments in United States government obligations as provided in subsection (1).