32-2-1031. Power of department. When the department feels that an emergency exists or is impending in this state or in any part of this state, it may, by proclamation, authorize mutual associations located in the affected area to close any of their offices. In addition, if the department is of the opinion that an emergency exists or is impending that affects or may affect a particular mutual association or mutual associations, or a particular office or offices of a particular mutual association, but not mutual associations located in the area generally, it may authorize the particular mutual association or mutual associations or office or offices so affected to close. The closed office or offices must remain closed until the department proclaims that the emergency has ended or until an earlier time that the officers of the mutual association determine that one or more of the closed offices should reopen and, in either event, for the amount of time afterward as may reasonably be required for them to reopen.
History: En. Sec. 113, Ch. 431, L. 2021.
Structure 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
32-2-1014. Compensation of agents and attorneys
32-2-1015. Notice to creditors of insolvent mutual association
32-2-1016. Claims -- allowance and rejection
32-2-1018. 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
32-2-1031. Power of department