32-2-805. Articles of incorporation. (1) A mutual association's articles of incorporation must contain the following:
(a) the information required by 35-14-202(1);
(b) the name of the city or town and county within the state in which the principal office of the corporation is to be located;
(c) the names and business addresses of the initial incorporators;
(d) the number of the board of directors and the names of those agreed on for the first year; and
(e) the purpose for which the mutual association is formed, which may be set forth by the use of the general terms defined in this chapter, with reference to each line of business in which the proposed corporation desires to engage.
(2) A mutual association may not adopt or use the name of any other mutual association, and the corporation name must comply with 35-14-401(2) through (4) and 32-1-402.
(3) A mutual association may not be organized or incorporated until the articles of incorporation have been reviewed and approved by the department and until the mutual association has obtained a certificate from the department authorizing the proposed corporation to transact the business specified in the articles of incorporation within this state.
(4) A mutual association may not amend or restate its articles of incorporation until its articles of amendment or restatement have been reviewed and approved by the department. A mutual association shall make a true copy of its articles of incorporation and bylaws and all related amendments available to account holders at all times in each office of the mutual association and shall on request and payment of a reasonable copying fee deliver to any account holders a copy of the articles of incorporation and bylaws and related amendments.
History: En. Sec. 20, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 8. Formation and Reorganization
32-2-802. Notice of acceptance of application
32-2-803. Notice of proposed incorporation
32-2-804. Department investigation
32-2-805. Articles of incorporation
32-2-809. Review of application
32-2-810. Certificate of authority to commence business
32-2-811. Failure to commence business
32-2-812. through 32-2-815 reserved
32-2-817. Conversion into federal savings and loan association
32-2-818. Requirements of state mutual association
32-2-819. Directors -- meetings -- officers
32-2-820. Board of directors -- qualifications, tenure, and vacancies
32-2-821. Selection of officers and employees -- minutes of meetings
32-2-823. Right of examination by member
32-2-824. Federal savings association powers extended to state mutual associations
32-2-825. Surrender of charter by state mutual association
32-2-826. Membership in federal home loan bank
32-2-827. Merger of mutual associations