32-1-374. Conversion of national bank to state bank. (1) A national bank may convert to a state bank on the consent in writing of the owners of two-thirds of the capital stock of the bank and with the approval of the department. The stockholders shall make, execute, and acknowledge articles of incorporation as required by the laws of the state of Montana and shall set forth in the articles of incorporation the written consent of the stockholders. When the articles and the department approval are filed as provided by law, the bank is converted under this chapter, and all assets, real and personal, of the national bank are vested in and become the property of the converted state bank, subject to all liabilities of the national bank not liquidated before the conversion.
(2) The cashier of the bank shall:
(a) publish notice of the change once a week for 4 consecutive weeks in the newspaper that the directors select;
(b) send a printed notice by mail or otherwise to all nonvoting or dissenting stockholders; and
(c) notify the department that the bank has decided to become a corporation under the laws of Montana.
History: En. Sec. 79, Ch. 89, L. 1927; re-en. Sec. 6014.90, R.C.M. 1935; amd. Sec. 170, Ch. 431, L. 1975; R.C.M. 1947, 5-1006; amd. Sec. 23, Ch. 395, L. 1993; amd. Sec. 20, Ch. 75, L. 2019.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 3. Formation and Reorganization
32-1-301. Organization and incorporation -- articles of incorporation
32-1-303. Board to refuse or approve application
32-1-309. through 32-1-320 reserved
32-1-321. Calling of first meeting -- cancellation of certificate
32-1-322. Board of directors -- qualifications, tenure, and vacancies
32-1-325. Selection of officers and employees -- minutes of meetings
32-1-326. through 32-1-330 reserved
32-1-335. Purchase or loan of own capital stock prohibited -- exception
32-1-339. Right of examination by stockholder
32-1-340. Conversion of surplus and undivided profits to capital stock
32-1-341. through 32-1-350 reserved
32-1-357. through 32-1-360 reserved
32-1-361. Change from state to national bank
32-1-362. National bank powers extended to state banks
32-1-363. Surrender of charter by state bank
32-1-364. Increase or reduction of capital stock
32-1-365. Certificate of change to national bank
32-1-366. through 32-1-369 reserved
32-1-370. Interstate merger of banks -- interstate agreements
32-1-373. Banks may join federal reserve bank
32-1-374. Conversion of national bank to state bank
32-1-375. Prohibition of acquisition -- exception
32-1-377. Agreement of purchase and sale
32-1-379. Bank acquisition or control -- disapproval by department -- change of officers