32-1-377. Agreement of purchase and sale. (1) The selling and purchasing banks shall enter into an agreement that must contain all the terms and conditions of the sale and that must contain:
(a) proper provision for the assumption, payment, transfer, or retention of all the liabilities of the selling bank as to the branch assets and business sold;
(b) proper provision for the assumption, payment, transfer, or retention of the purchasing bank of all fiduciary obligations of the branch or branch business sold.
(2) The agreement for purchase and sale of a state bank must be authorized and approved by the department. The agreement of purchase and sale of a national bank must be in accordance with the laws applicable to national banks.
History: En. Sec. 9, Ch. 265, L. 1995; amd. Sec. 12, Ch. 117, L. 1997.
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