32-2-807. Bylaws. (1) The bylaws must be in conformity with the provisions of this chapter and must be open to inspection by the members at the principal place of business during regular business hours.
(2) The bylaws, among other things, must provide for:
(a) the character and method of conducting the business of the mutual association, with rules governing the addition of members and the amount of the membership fee;
(b) the annual meeting of the members;
(c) the annual election and qualification of directors and the term or period during which the directors shall serve;
(d) the appointment of officers;
(e) the adoption, ratification, and amendment of the bylaws, which may be made either by the members or by the board of directors;
(f) the method of voting at the annual meeting; and
(g) the periodic investigation of the business and condition of the mutual association.
(3) The bylaws and any change or amendment of the bylaws are not effective until first reviewed and approved by the department, and a mutual association may not commence the transaction of business until after the bylaws have been reviewed and approved by the department.
History: En. Sec. 22, 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