Montana Code 33-1-202. Definitions — entities
33-1-202. Definitions — entities. For the purposes of this code, the following definitions apply unless the context requires otherwise:
Terms Used In Montana Code 33-1-202
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
(1)”Commissioner” means the commissioner of insurance of the state of Montana.
(2)”Department” means the department of insurance of the state of Montana.
(3)”Person” includes an individual, insurer, company, association, organization, Lloyd’s, society, reciprocal or interinsurance exchange, partnership, syndicate, business trust, corporation, or any other legal entity.
(4)”Resident of this state” means a person who has maintained a principal residence within the state of Montana for a period of not less than 2 consecutive years.