Montana Code Annotated
Part 10. Dissolution, Closing, and Liquidation
32-2-1001. Dissolution and disincorporation

32-2-1001. Dissolution and disincorporation. (1) Mutual associations may be dissolved in the manner provided by the laws of this state applicable to the dissolution of other corporations. However, a mutual association may, on a vote of two-thirds of its members at a special meeting called for that purpose in accordance with its bylaws, voluntarily quit business and liquidate upon the payment of its debts or upon agreement with all of its creditors to a plan of liquidation.
(2) A mutual association that wishes to voluntarily liquidate shall apply to the department for permission to liquidate and, in addition to complying with the laws of this state governing the liquidation of corporations, shall comply in all respects with the requirements or rules of the department governing voluntary dissolution.
(3) The board of directors of a mutual association whose members have voted to place it in voluntary liquidation shall appoint a liquidating agent to wind up the affairs of the mutual association. The liquidating agent, on authority of the board of directors, may execute deeds for the transfer of real property and do all things necessary to carry out the proper liquidation of the mutual association.
(4) Nothing in this section prevents the department from taking charge at any time when in its opinion the interest of creditors is not being protected. The decision of the department in these matters is controlling.
History: En. Sec. 88, Ch. 431, L. 2021.

Structure Montana Code Annotated

Montana Code Annotated

Title 32. Financial Institutions

Chapter 2. Mutual Savings and Loan Associations

Part 10. Dissolution, Closing, and Liquidation

32-2-1001. Dissolution and disincorporation

32-2-1002. Grounds for closing mutual association

32-2-1003. When mutual association insolvent

32-2-1004. Deposits in insolvent mutual associations

32-2-1005. Penalty for receiving deposits when insolvent or for making false statement

32-2-1006. Power of closed mutual associations to borrow money from governmental agencies

32-2-1007. Corporate existence -- cessation

32-2-1008. Taxes on mutual associations that have ceased to do business

32-2-1009. Penalty for maliciously declaring mutual association insolvent

32-2-1010. Resumption after closing

32-2-1011. Powers of department on closing mutual association -- court proceedings

32-2-1012. Recourse of aggrieved mutual association -- injunction

32-2-1013. Department may retain mutual association employees -- liquidating agent's salary and expenses

32-2-1014. Compensation of agents and attorneys

32-2-1015. Notice to creditors of insolvent mutual association

32-2-1016. Claims -- allowance and rejection

32-2-1017. Payment of claims

32-2-1018. Claims -- order of payment -- priorities

32-2-1019. Claims -- partial payments -- assignments

32-2-1020. Deposit of funds in department's hands

32-2-1021. Disposition of unclaimed funds

32-2-1022. Disposition of assets remaining after payment of claims

32-2-1023. Further duties of liquidating officer

32-2-1024. Department to file inventory -- report required -- exception

32-2-1025. through 32-2-1029 reserved

32-2-1030. Definitions

32-2-1031. Power of department

32-2-1032. Powers of officers

32-2-1033. Notice of mutual association closing

32-2-1034. Effect of closing