32-2-831. Agreement of purchase and sale. (1) The selling and purchasing mutual associations shall enter into an agreement that must contain:
(a) all of the terms and conditions of the sale;
(b) proper provision for the assumption, payment, transfer, or retention of all of the liabilities of the selling mutual association as to the branch assets and business sold; and
(c) proper provision for the assumption, payment, transfer, or retention of the purchasing mutual association of all fiduciary obligations of the branch or branch business sold.
(2) The agreement for purchase and sale of a state mutual association must be authorized and approved by the department. The agreement of purchase and sale of a national savings association must be in accordance with the laws applicable to national savings associations.
History: En. Sec. 41, 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