§ 32-2-901 Mutual association advertising before issuance of charter
§ 32-2-902 Prohibitions on advertising as mutual association — trade names restricted
§ 32-2-903 Penalty for transacting business without certificate
§ 32-2-904 Mutual associations — powers and duties
§ 32-2-905 Extent that assets may be pledged
§ 32-2-906 Issuance of capital certificates
§ 32-2-907 No certificate of deposit to be issued for borrowed money
§ 32-2-908 Investments of financial institutions
§ 32-2-909 Insurance activities — exemption — rulemaking
§ 32-2-910 Authority of state mutual associations to make real estate loans — borrower insurance requirements
§ 32-2-911 Investment in certain securities — rulemaking
§ 32-2-912 Mutual associations authorized to obtain insurance and make loans when approved by federal housing administrator
§ 32-2-913 Federal housing securities eligible collateral
§ 32-2-914 Acceptance and issuance of drafts — rulemaking
§ 32-2-915 Mutual association’s responsibility to provide notice when funds become available for withdrawal
§ 32-2-916 Certified checks
§ 32-2-917 Deposit in name of minor
§ 32-2-918 Demand or time deposits
§ 32-2-919 Safe deposit department
§ 32-2-920 Giving security for deposit prohibited — exceptions
§ 32-2-921 Payments to foreign administrator
§ 32-2-922 Calculation of profits
§ 32-2-923 Past-due and doubtful paper
§ 32-2-924 Reserve requirements
§ 32-2-925 Limitations on loans — rulemaking
§ 32-2-930 Bonding of employees
§ 32-2-931 Persons previously convicted — rulemaking
§ 32-2-932 Sale of securities by officer to mutual association
§ 32-2-933 Real estate that mutual associations may purchase, hold, or convey
§ 32-2-934 Purchase of obligation of mutual association by officer
§ 32-2-935 Fraud by director, officer, agent, or employee
§ 32-2-936 Removal of directors, officers, or employees — hearing
§ 32-2-937 Penalty for unlawful hypothecation of property received
§ 32-2-938 Concealing actions from directors
§ 32-2-939 Theft of funds by directors, officers, or employees
§ 32-2-940 False statement to obtain loan
§ 32-2-941 Mutual association holidays
§ 32-2-942 Transaction on holiday
§ 32-2-943 Closing on Saturdays authorized — Saturday treated as holiday
§ 32-2-944 Mutual association hours and business days
§ 32-2-945 Interest payable at mutual association on Saturday — how paid
§ 32-2-950 Destruction of records — rulemaking
§ 32-2-951 Definitions — reproductions of mutual association records — admissibility in evidence — cost recovery
§ 32-2-952 Admissibility of copies in evidence — exception when original available
§ 32-2-953 Destruction or reproduction
§ 32-2-954 Application

Terms Used In Montana Code > Title 32 > Chapter 2 > Part 9 - Operation and Regulation

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Bequest: Property gifted by will.
  • Capital: means , with respect to a mutual association:

    (a)retained earnings; or

    (b)at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. See Montana Code 32-2-603

  • Commissioner: means the commissioner of banking and financial institutions as provided in 32-1-211. See Montana Code 32-2-603
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of administration provided for in 2-15-1001. See Montana Code 32-2-603
  • Deposit: has the meaning provided in 12 C. See Montana Code 32-2-603
  • Devise: To gift property by will.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Federal savings association: means a federal savings and loan association or a federal savings bank doing business under authority granted by the office of the comptroller of the currency or the former office of thrift supervision. See Montana Code 32-2-603
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Institution-affiliated party: means :

    (a)any director, officer, or employee of or agent for a mutual association;

    (b)any other person who has filed or is required to file a change-in-control notice pursuant to this chapter;

    (c)any consultant, joint venture partner, or other person as determined by the commissioner who participates in the conduct of the affairs of an insured depository institution; and

    (d)any independent contractor, including any attorney, appraiser, or accountant, who knowingly or recklessly participates in any violation of any law or rule, any breach of fiduciary duty, or any unsafe or unsound practice that caused or is likely to cause more than a minimal financial loss to or a significant adverse effect on the mutual association. See Montana Code 32-2-603

  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Personal property: All property that is not real property.
  • Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • Property: means real and personal property. See Montana Code 1-1-205
  • 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.
  • Subpoena: A command to a witness to appear and give testimony.
  • 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