32-2-1032. Powers of officers. (1) When the officers of a mutual association feel that an emergency exists or is impending that affects or may affect any of a mutual association's offices, they may, in the reasonable and proper exercise of their discretion, determine not to open any of those offices on any business day or, if the offices have opened, to close any of those offices during the continuation of the emergency, even if the department has not issued and does not issue a proclamation of emergency. An office closed in this way shall remain closed until the officers determine that the emergency has ended and for a further time afterward as may reasonably be required for them to reopen. However, an office may not remain closed for more than 48 consecutive hours, excluding other legal holidays, without requesting the approval of the department.
(2) The officers of a mutual association may close any of the mutual association's offices on any day:
(a) designated by proclamation of the president of the United States or the governor of this state as a day of mourning, rejoicing, or other special observance; or
(b) that the federal reserve bank of Minneapolis is not open for business.
History: En. Sec. 114, 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