32-2-1034. Effect of closing. (1) A day on which a mutual association or any of its offices is closed during any part of its normal mutual association hours under 32-2-1031 and 32-2-1032 with respect to that mutual association or, if not all of its offices are closed, then with respect to the office or offices that are closed is a legal holiday for all purposes with respect to any mutual association business. No liability or loss of rights of any kind on the part of a mutual association, or a director, officer, or employee of the mutual association, may accrue or result by virtue of a closing authorized by 32-2-1031 and 32-2-1032.
(2) The provisions of 32-2-1030 through 32-2-1034 are in addition to any other law of this state or of the United States authorizing the closing of a mutual association or excusing the delay by a mutual association in the performance of its duties and obligations because of emergencies or conditions beyond the mutual association's control or otherwise.
History: En. Sec. 116, 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