Montana Code 32-2-934. Purchase of obligation of mutual association by officer
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32-2-934. Purchase of obligation of mutual association by officer. A director, officer, agent, or other employee of a mutual association may not, directly or indirectly for the person‘s own benefit, purchase, sell, or be interested in the purchase or sale of any obligation of the mutual association or of any assets of the mutual association for a sum less than the amount that appears on the face of the obligation or obligations purchased or sold. A person violating the provisions of this section shall, in addition to the general penalties of this chapter, forfeit to the state twice the nominal amount or face value of the obligations or assets purchased or sold.
Terms Used In Montana Code 32-2-934
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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