Montana Code Annotated
Part 9. Operation and Regulation
32-2-904. Mutual associations -- powers and duties

32-2-904. Mutual associations -- powers and duties. (1) A mutual association may:
(a) act as fiscal agent for and receive deposits from the federal government, this state, or any agency or political subdivision of the federal government or this state;
(b) sue and be sued, complain, and defend in any court of law or equity;
(c) have a corporate seal, affixed by imprint, facsimile, or otherwise;
(d) appoint officers and agents as its business requires and allow them suitable compensation;
(e) adopt bylaws not inconsistent with the laws of Montana and the rules adopted under the laws of Montana;
(f) raise capital, which must be unlimited, by accepting payments on savings, demand, or other accounts, as are authorized by statute and rule, and the holders of the accounts or other accounts must, to the extent as may be provided by such rules and regulations, be members of the association and must have the voting rights and other rights as are provided;
(g) issue notes, bonds, debentures or other obligations, or securities, provided by or under any provision of state statute as from time to time is in effect;
(h) provide for redemption of insured accounts;
(i) borrow money without limitation and pledge and otherwise encumber any of its assets to secure its debts;
(j) lend and otherwise invest its funds as authorized by statute and rules;
(k) wind up and dissolve, merge, consolidate, convert, or reorganize;
(l) purchase, hold, and convey real estate and personal property consistent with its objectives, purposes, and powers;
(m) mortgage or lease any real estate and personal property and take the property by gift, devise, or bequest; and
(n) exercise all powers conferred by law.
(2) In addition to the powers listed in subsection (1), the mutual association may have power to do all things reasonably incident to the accomplishment of its express objects and the performance of its express powers.
History: En. Sec. 45, Ch. 431, L. 2021.

Structure Montana Code Annotated

Montana Code Annotated

Title 32. Financial Institutions

Chapter 2. Mutual Savings and Loan Associations

Part 9. Operation and Regulation

32-2-901. Mutual association advertising before issuance of charter

32-2-902. Prohibitions on advertising as mutual association -- trade names restricted

32-2-903. Penalty for transacting business without certificate

32-2-904. Mutual associations -- powers and duties

32-2-905. Extent that assets may be pledged

32-2-906. Issuance of capital certificates

32-2-907. No certificate of deposit to be issued for borrowed money

32-2-908. Investments of financial institutions

32-2-909. Insurance activities -- exemption -- rulemaking

32-2-910. Authority of state mutual associations to make real estate loans -- borrower insurance requirements

32-2-911. Investment in certain securities -- rulemaking

32-2-912. Mutual associations authorized to obtain insurance and make loans when approved by federal housing administrator

32-2-913. Federal housing securities eligible collateral

32-2-914. Acceptance and issuance of drafts -- rulemaking

32-2-915. Mutual association's responsibility to provide notice when funds become available for withdrawal

32-2-916. Certified checks

32-2-917. Deposit in name of minor

32-2-918. Demand or time deposits

32-2-919. Safe deposit department

32-2-920. Giving security for deposit prohibited -- exceptions

32-2-921. Payments to foreign administrator

32-2-922. Calculation of profits

32-2-923. Past-due and doubtful paper

32-2-924. Reserve requirements

32-2-925. Limitations on loans -- rulemaking

32-2-926. through 32-2-929 reserved

32-2-930. Bonding of employees

32-2-931. Persons previously convicted -- rulemaking

32-2-932. Sale of securities by officer to mutual association

32-2-933. Real estate that mutual associations may purchase, hold, or convey

32-2-934. Purchase of obligation of mutual association by officer

32-2-935. Fraud by director, officer, agent, or employee

32-2-936. Removal of directors, officers, or employees -- hearing

32-2-937. Penalty for unlawful hypothecation of property received

32-2-938. Concealing actions from directors

32-2-939. Theft of funds by directors, officers, or employees

32-2-940. False statement to obtain loan

32-2-941. Mutual association holidays

32-2-942. Transaction on holiday

32-2-943. Closing on Saturdays authorized -- Saturday treated as holiday

32-2-944. Mutual association hours and business days

32-2-945. Interest payable at mutual association on Saturday -- how paid

32-2-946. through 32-2-949 reserved

32-2-950. Destruction of records -- rulemaking

32-2-951. Definitions -- reproductions of mutual association records -- admissibility in evidence -- cost recovery

32-2-952. Admissibility of copies in evidence -- exception when original available

32-2-953. Destruction or reproduction

32-2-954. Application