32-1-603. Appointment of the corporation as agent in liquidation. If a banking institution, the deposits in which are in any extent insured by the federal deposit insurance corporation created by the Federal Deposit Insurance Act, 12 U.S.C. 1811 through 1831, is closed on account of inability to meet the demands of its creditors, the department may appoint the corporation agent, without bond, to assist it or act for it in the liquidation of that banking institution.
History: En. Sec. 3, Ch. 197, L. 1937; amd. Sec. 65, Ch. 431, L. 1975; R.C.M. 1947, 5-1203.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 6. Federal Deposit Insurance Corporation
32-1-601. Definition of banking institution
32-1-602. Banking institutions empowered to receive federal deposit insurance corporation aid
32-1-603. Appointment of the corporation as agent in liquidation
32-1-604. Subrogation of corporation
32-1-605. Examinations by the corporation -- accepted when
32-1-606. Closed banking institutions empowered to borrow from corporation