reglab/housing_qa huggingface dataset:
MT Code § 32-2-807 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-807. Bylaws

  32-2-807. Bylaws. (1) The bylaws must be in conformity with the provisions of this chapter and must be open to inspection by the members at the principal place of business during regular business hours.  (2) The bylaws, among other things, must provide for:   (a) the character and method of conducting the business of the mutual association, with rules governing the addition of members and the amount of the membership fee;   (b) the annual meeting of the members;   (c) the annual election and qualification of directors and the term or period during which the directors shall serve;   (d) the appointment of officers;   (e) the adoption, ratification, and amendment of the bylaws, which may be made either by the members or by the board of directors;   (f) the method of voting at the annual meeting; and   (g) the periodic investigation of the business and condition of the mutual association.   (3) The bylaws and any change or amendment of the bylaws are not effective until first reviewed and approved by the department, and a mutual association may not commence the transaction of business until after the bylaws have been reviewed and approved by the department.   History: En. Sec. 22, Ch. 431, L. 2021.
MT Code § 32-2-808 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-808. Capital

  32-2-808. Capital. (1) The capital of a mutual association must be an amount determined by the commissioner based on the amount and character of the anticipated business of the mutual association and the safety of prospective depositors.  (2) As used in this section, "capital" means the initial funding required to organize a mutual association.   History: En. Sec. 23, Ch. 431, L. 2021.
MT Code § 32-2-810 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-810. Certificate of authority to commence business

  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.
MT Code § 32-2-811 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-811. Failure to commence business

  32-2-811. Failure to commence business. (1) Any mutual association that fails to commence business as a financial institution within 1 year after receiving a certificate of authorization forfeits that certificate and shall cease all activities. The commissioner shall certify to the secretary of state that the certificate of authority has been forfeited so that the mutual association's articles of incorporation may be terminated by the secretary of state.  (2) On forfeiture, the contributors of initial capital deposits of the mutual association are entitled to the return of any amounts they have paid to the institution, and all expenses incurred in the organization must be borne by the original organizers who were named in the application for permission to organize.   History: En. Sec. 26, Ch. 431, L. 2021.
MT Code § 32-2-812 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-812. through 32-2-815 reserved

  32-2-812 through 32-2-815 reserved.
MT Code § 32-2-817 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-817. Conversion into federal savings and loan association

  32-2-817. Conversion into federal savings and loan association. (1) Any mutual association eligible to become a federal savings and loan association may convert itself into a federal savings and loan association by following the procedure in subsection (2).  (2) (a) At any regular meeting or special meeting of the members of the mutual association called to consider the action and held in accordance with the laws governing the mutual association, the members, by an affirmative vote of the majority, in person or by proxy, may declare by resolution the determination to convert the state mutual association into a federal savings and loan association.   (b) A copy of the minutes of the meeting of the members verified by the affidavit of the president or vice president and the secretary of the meeting must be filed with the department within 10 days after the meeting. The verified copy of the minutes of the meeting when filed is presumptive evidence of the holding of and action of the meeting.   (c) Within a reasonable time and without any unnecessary delay after the adjournment of the meeting of the members, the mutual association shall take any action necessary to make it a federal savings and loan association. Within 10 days after receipt of the federal charter, the charter must be filed with the department. Upon filing, the mutual association ceases to be a state mutual association and is thereafter a federal savings and loan association.   History: En. Sec. 28, Ch. 431, L. 2021.
MT Code § 32-2-818 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-818. Requirements of state mutual association

  32-2-818. Requirements of state mutual association. A mutual association must have its qualified thrift investments:  (1) equal or exceed 50% of its portfolio assets; and   (2) continue to equal or exceed 50% of its assets on a monthly average basis in 9 out of every 12 months.   History: En. Sec. 29, Ch. 431, L. 2021.
MT Code § 32-2-819 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-819. Directors -- meetings -- officers

  32-2-819. Directors -- meetings -- officers. (1) Within 30 days after the corporate existence of a mutual association begins, the directors of the mutual association shall hold an organizational meeting and shall elect officers pursuant to the provisions of this chapter and the bylaws of the mutual association. At the organizational meeting, the directors shall take other action that is appropriate for beginning the transaction of business by the mutual association. The department may extend, by order, the time within which the organizational meeting must be held.  (2) The incorporators of the mutual association shall serve as directors until the first meeting of the members to be held at the time provided for by this chapter or until their successors are elected and qualified, after which the directors will be elected by the members of the mutual association in accordance with the provisions of this chapter and the bylaws of the mutual association.   (3) The directors, unless otherwise provided by the bylaws of the mutual association, shall elect or appoint all officers of the mutual association. The directors, when appointed or elected, shall file with the department their oath of office, as provided in election or appointment of mutual association directors. Meetings of the board of directors must be held at least once each month.   History: En. Sec. 30, Ch. 431, L. 2021.
MT Code § 32-2-820 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-820. Board of directors -- qualifications, tenure, and vacancies

  32-2-820. Board of directors -- qualifications, tenure, and vacancies. (1) The affairs of the mutual association must be managed by a board of directors consisting of no fewer than three persons. At least two-thirds of the board must be residents of this state. Directors need not be members of the corporation unless required by the articles of incorporation or bylaws. A person who has been convicted of a felony may not be elected a director.  (2) (a) The directors must be elected for a term of 1 year at the annual meeting of the members. The annual meeting must be held before April 15 of each calendar year. If the election is not held on the day fixed for the annual meeting, the corporation is not dissolved, but an election may be held at any other time agreeable to the bylaws of the corporation, and the persons elected will hold their office until successors are elected and qualified.   (b) Every director shall take and subscribe an oath that the director will diligently and honestly perform the director's duty in the office and that the director will not knowingly violate or permit a violation of any of the provisions of this chapter. The oaths must be made in duplicate. One copy must be transmitted to and filed with the department, and one copy must be kept on file in the office of the mutual association.   History: En. Sec. 31, Ch. 431, L. 2021.
MT Code § 32-2-821 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-821. Selection of officers and employees -- minutes of meetings

  32-2-821. Selection of officers and employees -- minutes of meetings. (1) The board of directors of a mutual association shall hold a meeting at least quarterly.  (2) The board of directors may elect a president, one or more vice presidents, a cashier, one or more assistant cashiers, and other officers and employees that the board may from time to time consider to be in the best interest of the mutual association, and the board shall fix their compensation. The president must be chosen from the board of directors.   (3) (a) The board of directors shall keep a correct report of the meetings of the board and of the members. This record of the meetings of the board of directors must be signed, manually or electronically, by the presiding officer and the person responsible for preparing the minutes.   (b) The minutes must be read and approved at the following meeting of the board of directors, and the minutes of the following meeting must show that fact.   (c) A person who makes a material false entry in the record of the board meetings or who makes a material change or alteration of an entry made in the record is subject to removal pursuant to 32-2-936.   History: En. Sec. 32, Ch. 431, L. 2021.
MT Code § 32-2-822 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-822. Members -- proxies

  32-2-822. Members -- proxies. (1) A depositor of a mutual association is a voting member and has an ownership interest in the mutual association as may be provided in the terms and conditions set forth in the articles of incorporation and bylaws of the mutual association.  (2) The bylaws of a mutual association may provide that all borrowers from the mutual association are members and, if so, must provide for their rights and privileges.   (3) Unless otherwise provided in the articles of incorporation or bylaws, a proxy granted by a depositor to the officers and directors of a mutual association expires on the date specified in the proxy. If no date is specified, the authority granted by the proxy is perpetual.   (4) The written proxy appointment is separate and distinct from any deposit agreement, any loan agreement, or any other agreement, statement, document, or disclosure provided by a mutual association to a depositor.   (5) At least once every year, the board of directors of a mutual association shall, by resolution, cause the secretary of the mutual association to mail to every member of the mutual association a blank form of proxy, and the member may withdraw a former proxy and substitute a new proxy for the former proxy. A proxy continues in force and is binding on the member until the proxy is revoked or another proxy is substituted.   History: En. Sec. 33, Ch. 431, L. 2021.
MT Code § 32-2-823 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-823. Right of examination by member

  32-2-823. Right of examination by member. A member of a mutual association incorporated under the laws of this state who is not a director may not inspect the books and records of the mutual association showing its transactions with a customer. A member may inspect the books and records of the mutual association as provided in 35-14-1602.  History: En. Sec. 34, Ch. 431, L. 2021.
MT Code § 32-2-824 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-824. Federal savings association powers extended to state mutual associations

  32-2-824. Federal savings association powers extended to state mutual associations. (1) A mutual association organized under the laws of this state may engage in any activity or business in which the mutual association could engage if it were operating as a federal savings association if the power or activity is not expressly prohibited or limited by the laws of this state and:  (a) if the power or activity is clearly authorized to federal savings associations by federal statute, regulations, or interpretive ruling issued or adopted by a federal banking regulator having jurisdiction over federal savings associations; and   (b) upon application to and approval by the department.   (2) The department may adopt rules to govern the application procedure under this section. The department shall act on an application under this section within 15 days after receipt of the application. The department may, for good cause, extend the time period for processing an application under this section for an additional 15 days. If the department fails to act on the application within 15 days after receipt of the application and does not extend the time period for good cause, the state mutual association may engage in the activity requested without the approval of the department.   History: En. Sec. 35, Ch. 431, L. 2021.
MT Code § 32-2-825 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-825. Surrender of charter by state mutual association

  32-2-825. Surrender of charter by state mutual association. (1) Any mutual association that will become a corporation for carrying on the business of a mutual association under the laws of the United States ceases to be a corporation under the laws of this state.  (2) The members of the board of directors last in office when the corporation became a corporation under the laws of the United States continues to be the board of directors of the corporation, with power to take all necessary measures to carry out and perfect the organization by signing the articles of association and the organization certificate and adopting the regulations as may be just and proper and not inconsistent with the acts of congress.   (3) A change from a state mutual association to a federal savings association may not release the mutual association from its obligations to pay and discharge all of the liabilities created by law or incurred by the mutual association before becoming a federal savings association or any tax imposed by the laws of this state up to the date of the mutual association becoming a federal savings association, in proportion to the time that has elapsed since the next preceding payment.   History: En. Sec. 36, Ch. 431, L. 2021.
MT Code § 32-2-826 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-826. Membership in federal home loan bank

  32-2-826. Membership in federal home loan bank. (1) A mutual association may be a member of the federal home loan bank of this federal reserve banking district as far as may be compatible with the constitution of this state and the laws of the United States.  (2) The department, on request of any federal home loan bank, shall furnish that bank any information it may have relative to the finances, manner of business, methods of bookkeeping, and any other information relating to a mutual association that is a member of, seeking to become a member of, a borrower from, or seeking to become a borrower from a federal home loan bank.   History: En. Sec. 37, Ch. 431, L. 2021.
MT Code § 32-2-827 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-827. Merger of mutual associations

  32-2-827. Merger of mutual associations. (1) (a) Any mutual association doing business in this state that has been in business for at least 5 years may, with the approval of the department if any merger party is a mutual association organized under the laws of this state, merge into one mutual association on terms and conditions lawfully agreed on by a majority of the board of directors of each mutual association proposing to merge.  (b) Except as otherwise expressly provided in this chapter, a merger under this subsection (1) is governed by Title 35, chapter 1, if the resulting mutual association is organized under the laws of this state.   (2) Upon merger:   (a) each mutual association merging party merges into the resulting mutual association and the separate existence of every merging party except the resulting mutual association ceases;   (b) title to all real, personal, and mixed property owned by each merging party is vested in the resulting mutual association without reversion or impairment and without the necessity of any instrument of transfer;   (c) the resulting mutual association has all of the liabilities, duties, and obligations of each merger party, including obligations as fiduciary, personal representative, administrator, trustee, or guardian; and   (d) the resulting mutual association has all of the rights, powers, and privileges of each merger party, including appointment to the office of personal representative, administrator, trustee, or guardian under any will or other instrument made prior to the merger and in which a merger party was nominated to the office by the maker of the will or other investment.   (3) Upon merger, the resulting mutual association shall designate and operate one of the prior main offices of the merging mutual associations as its main mutual association office and the resulting mutual association may maintain and continue to operate the main office of each of the other merging mutual associations as a branch.   (4) (a) Upon merger, the resulting mutual association may:   (i) maintain the branches and other offices previously maintained by the merging mutual associations; and   (ii) establish, acquire, or operate additional branches of mutual associations at any location where any mutual association involved in the merger could have established, acquired, or operated a branch under applicable federal or state law if that mutual association had not been a party to the merger.   (b) A resulting mutual association organized under the laws of this state that intends to establish, acquire, or operate a branch under subsection (4)(a)(ii) must receive prior approval from the department as provided for in 32-2-828, whether or not the branch is to be located within or outside this state.   History: En. Sec. 38, Ch. 431, L. 2021.
MT Code § 32-2-828 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-828. Branches

  32-2-828. Branches. (1) A mutual association may establish and maintain branches as provided in 32-2-827 and this section. The formation and operation of a branch in this state by a mutual association organized under the laws of this state require the prior approval of the department. A mutual association organized under the laws of this state may establish, acquire, or operate a branch or loan production office outside of this state if approved by the department and if permitted by the laws of the jurisdiction where the branch or office is to be located.  (2) A branch may offer all services and conduct all business authorized to be offered or conducted by the mutual association.   (3) A mutual association authorized to do mutual association business in this state may use a satellite terminal, as defined in 32-6-103, at any location permitted by the Montana Electronic Funds Transfer Act.   (4) A mutual association located in this state may provide services for other mutual associations located in this state, whether or not those mutual associations are affiliates.   (5) With the prior approval of the appropriate federal regulator and state chartering authority, a mutual association that is not organized under the laws of this state may establish and operate a de novo branch in this state under the same terms that would apply to a mutual association organized under the laws of this state seeking approval from the department to establish and operate a de novo branch in this state.   History: En. Sec. 39, Ch. 431, L. 2021.
MT Code § 32-2-829 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-829. Sale of branch

  32-2-829. Sale of branch. Any mutual association may, with the approval of the department, buy from or sell to another mutual association, regardless of where either mutual association is located or doing business, all or substantially all of the business, assets, and liabilities of the selling mutual association's branch or branches that are physically located in this state.  History: En. Sec. 40, Ch. 431, L. 2021.
MT Code § 32-2-830 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 2. Mutual Savings and Loan Associations|Part 8. Formation and Reorganization|32-2-830. Loan production office -- rulemaking

  32-2-830. Loan production office -- rulemaking. (1) A mutual association may:  (a) establish and maintain a loan production office only after giving notice to the department; or   (b) relocate or close a loan production office after giving notice to its customers and the department.   (2) The department may adopt rules to implement this section.   History: En. Sec. 15, Ch. 431, L. 2021.