Montana Code 32-2-911. Investment in certain securities — rulemaking
32-2-911. Investment in certain securities — rulemaking. (1) A mutual association may purchase, sell, underwrite, and hold investment securities that are obligations in the form of bonds, notes, or debentures, as provided in rules adopted by the department. In addition, unless limited by the department by rule, a mutual association may purchase, sell, underwrite, and hold those investment securities that are derivative transactions that federal savings associations are expressly authorized to purchase, sell, underwrite, and hold. A mutual association may hold without limit investment securities that are general obligations of the United States, obligations that are guaranteed fully as to principal and interest by the United States, or general obligations of any state.
Terms Used In Montana Code 32-2-911
- 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
- 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
(2)The department may adopt rules to implement this section.