Terms Used In Montana Code > Title 32 > Chapter 1 > Part 3 - Formation and Reorganization

• Acquire: means :

  (a)the direct or indirect purchase or exchange of stock;

  (b)the direct or indirect purchase of assets and liabilities; or

  (c)a merger. See Montana Code 32-1-109

• Acquiring party: means the person acquiring control of a bank through the purchase of stock. See Montana Code 32-1-109
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
• Bank holding company: means a bank holding company or a financial holding company registered under the federal Bank Holding Company Act of 1956, as amended, regardless of where the entity is located or has its headquarters. See Montana Code 32-1-109
• Branch: means :

  (a)in the case of a bank, a banking house, other than the main banking house, maintained and operated by a bank doing business in the state and at which deposits are received, checks are paid, or money is lent. See Montana Code 32-1-109

• Control: means :

  (a)ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;

  (b)authority in any manner over the election of a majority of directors; or

  (c)power to exercise, directly or indirectly, a controlling influence over management and policies. See Montana Code 32-1-109

• 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.
• Demand deposits: means all deposits, the payment of which can legally be required when demanded. See Montana Code 32-1-109
• Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
• Division: means the division of banking and financial institutions of the department. See Montana Code 32-1-109
• Doing business in this state: means located in this state or having a physical branch bank location in this state. See Montana Code 32-1-109
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Knowingly: means only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See Montana Code 1-1-204
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Located in this state: means :

  (a)in the case of a bank, that the bank is either organized under the laws of this state or is a federally chartered bank whose organizational certificate identifies an address in this state as the principal place at which the business of the federally chartered bank is conducted; and

  (b)in the case of a bank holding company, that the entity, partnership, or trust is organized under the laws of this state. See Montana Code 32-1-109

• Main banking house: means the designated principal place of business of a bank. See Montana Code 32-1-109
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Property: means real and personal property. See Montana Code 1-1-205
• Savings association: means a savings association or savings bank organized under the laws of the United States or a building and loan association, savings and loan association, or similar entity organized under the laws of a state. See Montana Code 32-1-109
• 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
• Statute: A law passed by a legislature.
• Subsidiary: means a company 25% or more of whose voting shares or equity interests are owned and controlled by a bank. See Montana Code 32-1-109
• Surplus: means a fund paid in or created under this chapter by a bank from its net earnings or undivided profits that, when set apart and designated as surplus, is not available for the payment of dividends and cannot be used for the payment of expenses or losses so long as the bank has undivided profits. See Montana Code 32-1-109
• Trustee: A person or institution holding and administering property in trust.
• Undivided profits: means the credit balance of the profit and loss account of a bank. See Montana Code 32-1-109
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204
• Writing: includes printing. See Montana Code 1-1-203