Montana Code 50-4-712. Experts
50-4-712. Experts. (1) The commissioner or the attorney general, or both, may contract with experts as reasonably necessary to:
Terms Used In Montana Code 50-4-712
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Montana state auditor and ex officio commissioner of insurance provided for in 2-15-1903. See Montana Code 50-4-701
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Transferee: means the person in a conversion transaction that receives the ownership or control of the nonprofit health entity that is the subject of the conversion transaction or of the nonprofit health entity's assets. See Montana Code 50-4-701
- Transferor: means the nonprofit health entity that is the subject of the conversion transaction or the corporation that owns the nonprofit health entity that is the subject of the conversion transaction. See Montana Code 50-4-701
(a)determine whether to approve a conversion transaction generally;
(b)perform an independent valuation of fair market value of the public assets of the transferor;
(c)evaluate the impact of the conversion on the affected community;
(d)determine whether there has been due diligence by the transferor in evaluating the proposed conversion transaction; and
(e)determine the existence of any conflicts of interest.
(2)If the commissioner or attorney general contracts for expert assistance under subsection (1), the transferor and the transferee shall each pay half of the costs reasonably incurred by the commissioner or the attorney general for the expert’s services.