32-2-924. Reserve requirements. (1) A mutual association shall maintain at all times a reserve of that percentage of its deposit liabilities as required by the appropriate federal regulator.
(2) The department may establish reserve requirements if the federal regulator discontinues reserve requirements.
(3) A mutual association whose reserve drops below the legal requirements shall report the matter to the department immediately and as often as the department asks for a report.
(4) When the reserve of a mutual association falls below the legal requirements, the mutual association may not increase its loans or discounts except by discounting or purchasing bill of exchange payable at sight or on demand, and the department shall notify a mutual association whose reserve is below the amount required to make good the reserve.
(5) In arriving at deposit liabilities with regard to mutual association deposits, the net balance of amounts due to and from other financial institutions must be used as the basis for ascertaining the deposit liability to mutual associations against which reserves are carried.
History: En. Sec. 65, Ch. 431, L. 2021.
Structure 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
32-2-911. Investment in certain securities -- rulemaking
32-2-913. Federal housing securities eligible collateral
32-2-914. Acceptance and issuance of drafts -- rulemaking
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
32-2-952. Admissibility of copies in evidence -- exception when original available