Montana Code 50-4-702. Conversion transaction — approval
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50-4-702. Conversion transaction — approval. A person may not engage in a conversion transaction involving a nonprofit health entity unless the commissioner and the attorney general issue orders approving the conversion transaction.
Terms Used In Montana Code 50-4-702
- Commissioner: means the Montana state auditor and ex officio commissioner of insurance provided for in 2-15-1903. See Montana Code 50-4-701
- conversion transaction: means the sale, transfer, lease, exchange, transfer by exercise of an option, optioning, conveyance, merger, affiliation, mutualization, joint venture, or other disposition by a nonprofit health entity or another person or entity resulting in the transfer of control or governance to a person or entity other than the nonprofit health entity of the lesser of:
(i)more than 10% in fair market value of the assets or operations of a nonprofit health entity; or
(ii)assets of a nonprofit health entity amounting to a fair market value of $5 million or more. See Montana Code 50-4-701
- Nonprofit health entity: means :
(i)a nonprofit health maintenance organization; or
(ii)a nonprofit health service corporation. See Montana Code 50-4-701
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201