reglab/housing_qa huggingface dataset:
MT Code § 32-3-403 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-403. Election or appointment of officials

  32-3-403. Election or appointment of officials. (1) The credit union must be directed by a board, consisting of an odd number of at least five directors, to be elected at the annual membership meeting by and from the members. All members of the board shall hold office for terms that the bylaws provide.   (2) The board of directors shall appoint a supervisory committee of at least three members during the organizational meeting. Subsequent appointments must be within 30 days after each annual meeting of the members for terms that the bylaws provide. The bylaws may provide that the board of directors of the credit union serves as the supervisory committee. The duties and powers of the supervisory committee must be established by the department of administration by rule.   (3) The bylaws must provide for either:   (a) a credit committee, to be either appointed by the board of directors or elected by the members; or   (b) a credit manager, to be appointed by the board of directors.   (4) If the bylaws provide for a credit committee, the committee must consist of an odd number of at least three members, who shall serve for terms that the bylaws provide. The bylaws must specify the number of members of the credit committee and the number of credit committee members needed for a quorum.   History: En. 14-622 by Sec. 22, Ch. 38, L. 1975; R.C.M. 1947, 14-622; amd. Sec. 4, Ch. 522, L. 1985; amd. Sec. 3, Ch. 25, L. 2001; amd. Sec. 22, Ch. 237, L. 2003; amd. Sec. 6, Ch. 317, L. 2015.
MT Code § 32-3-404 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-404. Record of board and committee members

  32-3-404. Record of board and committee members. Within 30 days after election or appointment, a record of the names and addresses of the members of the board, committees, and all officers of the credit union must be filed with the department of administration on forms provided by the department.   History: En. 14-623 by Sec. 23, Ch. 38, L. 1975; R.C.M. 1947, 14-623; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 94, Ch. 483, L. 2001; amd. Sec. 23, Ch. 237, L. 2003.
MT Code § 32-3-405 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-405. Vacancies

  32-3-405. Vacancies. (1) The board of directors shall fill any vacancies occurring in the board within 60 days. An individual appointed to fill a vacancy shall serve until successors elected at the next annual meeting have qualified or as provided in the bylaws.   (2) The board shall also fill vacancies in the credit and supervisory committees within 60 days or as provided in the bylaws.   History: En. 14-624 by Sec. 24, Ch. 38, L. 1975; R.C.M. 1947, 14-624; amd. Sec. 7, Ch. 317, L. 2015.
MT Code § 32-3-406 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-406. Compensation of officials

  32-3-406. Compensation of officials. (1) An official of the credit union, other than the treasurer or an employee, may not be compensated for service in that position.   (2) For the purposes of this section, the following payments are allowed and are not considered compensation:   (a) necessary expenses incidental to the performance of official business of the credit union; or   (b) reasonable life, health, accident, and similar insurance protection for an official.   History: En. 14-625 by Sec. 25, Ch. 38, L. 1975; R.C.M. 1947, 14-625; amd. Sec. 1044, Ch. 56, L. 2009; amd. Sec. 8, Ch. 317, L. 2015.
MT Code § 32-3-407 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-407. Conflicts of interest

  32-3-407. Conflicts of interest. A director, committee member, officer, agent, or employee of the credit union may not in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting the person's pecuniary interest or the pecuniary interest of any corporation, partnership, or association, other than the credit union, in which the person is directly or indirectly interested.   History: En. 14-626 by Sec. 26, Ch. 38, L. 1975; R.C.M. 1947, 14-626; amd. Sec. 1045, Ch. 56, L. 2009.
MT Code § 32-3-408 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-408. Executive officers

  32-3-408. Executive officers. (1) At their next meeting following each annual meeting of the members, the directors shall elect from their own number:   (a) a presiding officer of the board;   (b) one or more vice presiding officers of the board;   (c) a treasurer; and   (d) a secretary.   (2) The treasurer and the secretary may be the same individual.   (3) The persons so elected must be the executive officers of the corporation.   (4) The terms of the officers must be 1 year or until their successors are chosen and have duly qualified.   (5) The duties of the officers must be prescribed in the bylaws.   (6) The board of directors may employ an officer in charge of operations, whose title must be either president or general manager or president and general manager, or the board of directors may designate the treasurer or an assistant treasurer to act as general manager and be in active charge of the affairs of the credit union.   History: En. 14-627 by Sec. 27, Ch. 38, L. 1975; R.C.M. 1947, 14-627; amd. Sec. 24, Ch. 237, L. 2003.
MT Code § 32-3-409 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-409. Authority of directors

  32-3-409. Authority of directors. The board of directors shall have the general direction of the business affairs, funds, and records of the credit union.   History: En. 14-628 by Sec. 28, Ch. 38, L. 1975; R.C.M. 1947, 14-628.
MT Code § 32-3-410 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-410. Executive committee

  32-3-410. Executive committee. From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board.   History: En. 14-629 by Sec. 29, Ch. 38, L. 1975; R.C.M. 1947, 14-629.
MT Code § 32-3-411 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-411. Meetings of board of directors and committees

  32-3-411. Meetings of board of directors and committees. (1) Either the board of directors or the executive committee shall meet each month. The board of directors or the executive committee may meet at other times as necessary.   (2) Unless specifically prohibited by the bylaws, directors and members of the supervisory committee or credit committee may participate in and act at any meeting of the board or the supervisory or credit committee through the use of communications equipment that enables all persons participating in the meeting to communicate with each other. Participation in the meeting in this manner constitutes attendance.   (3) Unless specifically prohibited by the bylaws, any action required by this chapter to be taken at a meeting of the board of directors or a committee or any other action that may be taken at a meeting of the board of directors or a committee may be taken without a meeting if a consent in writing setting forth the action taken is signed by all the directors of the board or the committee members entitled to vote with respect to the subject matter of the action taken. The written consents must be evidenced by one or more written approvals, each of which sets forth the action taken and bears the signature of one or more board directors or committee members. All the approvals evidencing the consent must be delivered to the secretary to be filed in the corporate records of the credit union. The action taken is effective when all the directors or committee members have approved the consent unless the consent specifies a different effective date. A consent signed by all the directors or committee members has the same effect as a unanimous vote and may be stated as a unanimous vote in any document filed with the department under this chapter.   History: En. 14-630 by Sec. 30, Ch. 38, L. 1975; R.C.M. 1947, 14-630; amd. Sec. 25, Ch. 237, L. 2003.
MT Code § 32-3-412 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-412. Repealed

  32-3-412. Repealed. Sec. 2, Ch. 117, L. 2015.   History: En. 14-631 by Sec. 31, Ch. 38, L. 1975; amd. Sec. 45, Ch. 359, L. 1977; R.C.M. 1947, 14-631; amd. Sec. 5, Ch. 522, L. 1985; amd. Sec. 26, Ch. 237, L. 2003.
MT Code § 32-3-413 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-413. Repealed

  32-3-413. Repealed. Sec. 14, Ch. 317, L. 2015.   History: En. 14-632 by Sec. 32, Ch. 38, L. 1975; R.C.M. 1947, 14-632.
MT Code § 32-3-414 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-414. Repealed

  32-3-414. Repealed. Sec. 14, Ch. 317, L. 2015.   History: En. 14-633 by Sec. 33, Ch. 38, L. 1975; R.C.M. 1947, 14-633; amd. Sec. 27, Ch. 237, L. 2003.
MT Code § 32-3-415 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-415. Repealed

  32-3-415. Repealed. Sec. 14, Ch. 317, L. 2015.   History: En. 14-634 by Sec. 34, Ch. 38, L. 1975; R.C.M. 1947, 14-634.
MT Code § 32-3-416 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-416. Credit committee or credit manager duties

  32-3-416. Credit committee or credit manager duties. (1) A credit union may use a credit committee or a credit manager to approve or disapprove loans under conditions the board of directors prescribes.   (2) The credit committee or the credit manager may appoint one or more loan officers with the power to approve loans, subject to limitations or conditions that the board of directors prescribes. The board of directors shall provide an appeal process for applications rejected by loan officers.   (3) If a credit union uses a credit committee, a quorum of the credit committee shall meet as often as required to consider loan applications. A majority of the credit committee members who are present at the meeting at which an application is considered is required for approval of the application.   (4) Credit union policies set by the board of directors may determine the loan size or type of loans that a credit committee or credit manager may approve.   History: En. 14-635 by Sec. 35, Ch. 38, L. 1975; R.C.M. 1947, 14-635; amd. Sec. 1046, Ch. 56, L. 2009; amd. Sec. 9, Ch. 317, L. 2015.
MT Code § 32-3-417 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-417. Audits

  32-3-417. Audits. (1) The board of directors or supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and a summary of that report to the members at the next annual meeting of the credit union. The board or committee shall make or cause to be made any supplementary audits or examinations as it considers necessary or as are required by the department of administration or by the board of directors and submit reports of these supplementary audits to the board of directors.   (2) The board of directors or supervisory committee shall verify the records of the credit union consistent with 12 CFR 715.8 and 12 CFR 741.202.   History: En. 14-636 by Sec. 36, Ch. 38, L. 1975; R.C.M. 1947, 14-636; amd. Sec. 6, Ch. 522, L. 1985; amd. Sec. 28, Ch. 237, L. 2003; amd. Sec. 10, Ch. 317, L. 2015.
MT Code § 32-3-418 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-418. Suspension and removal of officials

  32-3-418. Suspension and removal of officials. (1) The supervisory committee by a unanimous vote may suspend any official until the next membership meeting, which must be held not less than 7 or more than 21 days after the suspension. At the meeting, the suspension must be acted upon by the members.   (2) Any member of the supervisory committee may be removed by the board of directors for failure to perform the member's duties in accordance with this chapter, the articles of incorporation, or the bylaws.   History: En. 14-637 by Sec. 37, Ch. 38, L. 1975; R.C.M. 1947, 14-637; amd. Sec. 1047, Ch. 56, L. 2009; amd. Sec. 11, Ch. 317, L. 2015.
MT Code § 32-3-419 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-419. Calling of special meeting

  32-3-419. Calling of special meeting. The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this chapter, the credit union's charter or bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized.   History: En. 14-638 by Sec. 38, Ch. 38, L. 1975; R.C.M. 1947, 14-638.
MT Code § 32-3-420 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 4. Operation and Officers|32-3-420. and 32-3-421 reserved

  32-3-420 and 32-3-421 reserved.
MT Code § 32-3-501 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-501. Shares

  32-3-501. Shares. (1) The capital of a credit union consists of the payments by the members on shares.   (2) Shares may be subscribed to, paid for, and transferred in a manner as the bylaws prescribe.   (3) A certificate need not be issued to denote ownership of a share in a credit union.   (4) This chapter does not restrict or prohibit the issuance of shares in any type of account described in Title 72, chapter 6, part 2. However, the party, the beneficiary, or the agent of an account may not vote, obtain loans, hold office, or be required to pay an entrance or membership fee unless the party, beneficiary, or agent is a member of the credit union.   History: En. 14-639 by Sec. 39, Ch. 38, L. 1975; R.C.M. 1947, 14-639; amd. Sec. 132, Ch. 494, L. 1993.
MT Code § 32-3-502 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-502. Dividends

  32-3-502. Dividends. At the intervals and for the periods that the board of directors authorizes and after providing for the required reserves, the board of directors may declare dividends to be paid from the undivided earnings at the rates and upon the classes of shares that the board determines. The dividends must be paid on all shares according to any method of calculation allowed by law.   History: En. 14-640 by Sec. 40, Ch. 38, L. 1975; R.C.M. 1947, 14-640; amd. Sec. 1, Ch. 365, L. 1997; amd. Sec. 4, Ch. 25, L. 2001.
MT Code § 32-3-503 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-503. Thrift accounts

  32-3-503. Thrift accounts. Christmas clubs, vacation clubs, and other thrift accounts may be operated under conditions established by the board of directors.   History: En. 14-641 by Sec. 41, Ch. 38, L. 1975; R.C.M. 1947, 14-641.
MT Code § 32-3-504 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-504. Minors' accounts

  32-3-504. Minors' accounts. Shares may be issued to a minor who may withdraw the shares including the dividends and interest thereon. Share payments made by a minor and withdrawals thereof by the minor shall be valid in all respects. For such purposes a minor is deemed of full age.   History: En. 14-642 by Sec. 42, Ch. 38, L. 1975; R.C.M. 1947, 14-642.
MT Code § 32-3-505 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-505. Joint accounts

  32-3-505. Joint accounts. (1) A member may designate any person or persons to hold shares and thrift club accounts with the member in joint tenancy with the right of survivorship, as a tenant in common, or under any other form of multiple-party account ownership permitted by law and allowed by the credit union. A joint tenant, unless a member in the joint tenant's own right, may not be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee. If a credit union allows more than one joint owner to seek credit union membership through a joint account, the joint account must contain a membership share for each joint owner seeking membership.   (2) Payment of part or all of a joint account to any of the joint owners, to the extent of the payment, discharges the liability to all joint owners.   History: En. 14-643 by Sec. 43, Ch. 38, L. 1975; R.C.M. 1947, 14-643; amd. Sec. 29, Ch. 237, L. 2003.
MT Code § 32-3-506 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-506. Shares in trust

  32-3-506. Shares in trust. (1) Shares may be issued in the name of a revocable trust if the settlor is a member, or shares may be issued in the name of an irrevocable trust if either the settlor or the beneficiary is a member. A beneficiary, unless a member in the beneficiary's own right, may not be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee.   (2) Payment of part or all of the shares described in subsection (1) to a trustee, to the extent of the payment, discharges the liability of the credit union to the trustee and the beneficiary, and the credit union is not obligated to see to the application of the payment.   History: En. 14-644 by Sec. 44, Ch. 38, L. 1975; R.C.M. 1947, 14-644; amd. Sec. 30, Ch. 237, L. 2003; amd. Sec. 144, Ch. 264, L. 2013.
MT Code § 32-3-507 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-507. Liens

  32-3-507. Liens. The credit union has a lien on the shares and accumulated dividends or interest of a member in the member's individual, joint, or trust account for any sum past due the credit union from the member or for any loan endorsed by the member.   History: En. 14-645 by Sec. 45, Ch. 38, L. 1975; R.C.M. 1947, 14-645; amd. Sec. 1048, Ch. 56, L. 2009.
MT Code § 32-3-508 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-508. Dormant accounts

  32-3-508. Dormant accounts. When administering member accounts that are dormant, unclaimed, or abandoned, a credit union shall comply with the Uniform Unclaimed Property Act provided for in Title 70, chapter 9, part 8.   History: En. 14-646 by Sec. 46, Ch. 38, L. 1975; R.C.M. 1947, 14-646; amd. Sec. 31, Ch. 237, L. 2003.
MT Code § 32-3-509 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-509. Reduction in shares

  32-3-509. Reduction in shares. (1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.   (2) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction.   History: En. 14-647 by Sec. 47, Ch. 38, L. 1975; R.C.M. 1947, 14-647.
MT Code § 32-3-510 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 5. Shares and Accounts|32-3-510. Withdrawals

  32-3-510. Withdrawals. Shares may be withdrawn for payment to the account holder or to third parties in such manner and in accordance with such procedures as may be established by the board of directors.   History: En. Sec. 8, Ch. 522, L. 1985.
MT Code § 32-3-601 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-601. Repealed

  32-3-601. Repealed. Sec. 14, Ch. 317, L. 2015.   History: En. 14-648 by Sec. 48, Ch. 38, L. 1975; R.C.M. 1947, 14-648; amd. Sec. 6, Ch. 275, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 32, Ch. 237, L. 2003.
MT Code § 32-3-602 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-602. Loan application

  32-3-602. Loan application. Every application for a loan must be made upon a form prescribed by the credit union. The application must state the security, if any, offered. Each loan must be evidenced by a written document or electronic data capable of being converted into written form.   History: En. 14-649 by Sec. 49, Ch. 38, L. 1975; R.C.M. 1947, 14-649; amd. Sec. 5, Ch. 25, L. 2001; amd. Sec. 33, Ch. 237, L. 2003.
MT Code § 32-3-603 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-603. Loan limit

  32-3-603. Loan limit. No loan shall be made to any member in an aggregate amount in excess of 10% of the credit union's total assets.   History: En. 14-650 by Sec. 50, Ch. 38, L. 1975; R.C.M. 1947, 14-650.
MT Code § 32-3-604 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-604. Security -- real property loans

  32-3-604. Security -- real property loans. (1) In addition to generally accepted types of security, the endorsement of a note by a surety, comaker, or guarantor or pledge of shares, in a manner consistent with the laws of this state, must be considered security within the meaning of this chapter. The adequacy of any security is subject to the lending policies established by the board of directors.   (2) A credit union that is subject to the provisions of this part may not require a borrower, as a condition of obtaining or maintaining a loan secured by real property, to provide insurance on improvements to real property in an amount that exceeds the reasonable replacement value of the improvements.   History: En. 14-651 by Sec. 51, Ch. 38, L. 1975; R.C.M. 1947, 14-651; amd. Sec. 34, Ch. 237, L. 2003; amd. Sec. 2, Ch. 324, L. 2009.
MT Code § 32-3-605 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 6. Loans and Insurance|32-3-605. Installments

  32-3-605. Installments. A member may receive a loan in installments or in one sum and may pay the whole or any part of the loan on any day on which the office of the credit union is open for business.   History: En. 14-652 by Sec. 52, Ch. 38, L. 1975; R.C.M. 1947, 14-652; amd. Sec. 1049, Ch. 56, L. 2009.