32-2-933. Real estate that mutual associations may purchase, hold, or convey. (1) A mutual association organized under the provisions of this chapter may purchase, hold, or convey real estate that:
(a) is for its accommodation in the transaction of its business, but the mutual association may not invest an amount exceeding 100% of its paid-up capital in the lot and building in which the business of the company is or is projected to be carried on, furniture, equipment and fixtures, vaults and safety vaults, and boxes necessary or proper to carry on its mutual association business if property held for future use as a mutual association office site is held pursuant to a detailed written business plan formally adopted by the directors of the mutual association;
(b) is mortgaged to in good faith by way of security for loans previously made or money due to the mutual association;
(c) is conveyed to the mutual association in satisfaction of debts previously contracted in the course of its business; or
(d) it purchases at sales under judgments, decrees, or mortgages held by the mutual association.
(2) The detailed written business plan required by subsection (1)(a) must include information outlining the manner in which the acquired real estate will be developed for future use as a mutual association office site, including but not limited to the costs of projected construction, furniture, and equipment and fixtures.
History: En. Sec. 70, 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