Montana Code 50-4-713. Deadline for approval or nonapproval
50-4-713. Deadline for approval or nonapproval. (1) Within 60 days after the record, including the public hearing process, has been closed, the commissioner and the attorney general shall each issue a separate order to:
Terms Used In Montana Code 50-4-713
- 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
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
(a)approve the conversion transaction, with or without modifications; or
(b)disapprove the conversion transaction.
(2)If the commissioner and the attorney general do not both determine that the conversion transaction is approved, the conversion transaction is disapproved.
(3)Subject to subsection (4), the commissioner or the attorney general may, for cause, extend the time for making a determination for a 60-day period.
(4)The commissioner and the attorney general are limited to a maximum of two 60-day extensions for making a determination on the same application.