32-2-810. Certificate of authority to commence business. (1) A mutual association organized under this chapter may not accept deposits, incur indebtedness, or transact any business other than business that is incidental to its organization until it receives a certificate of authority to commence business issued by the commissioner.
(2) A mutual association organized under this chapter may not commence business until the capital required in its permission to organize has been deposited to the credit of the financial institution in a depository designated by the directors. When the required capital is deposited, a complete list of the capital depositors, with the name, address, occupation, and amount of capital deposited by each, must be filed with the commissioner, and the list must be verified by the president and secretary of the mutual association.
(3) When the mutual association has completed all steps necessary to begin business, the association shall file a report with the commissioner certifying that it has done everything required by the commissioner before it can be authorized to commence business.
(4) Upon receipt of the report referred to in subsection (3), the commissioner shall examine the affairs of the mutual association and determine whether the mutual association has complied with all of the requirements necessary to entitle it to engage in business.
(5) All transactions conducted by a person in violation of this section are void.
History: En. Sec. 25, 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