reglab/housing_qa huggingface dataset:
MT Code § 32-3-810 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 8. Corporate Credit Unions|32-3-810. Paid-in capital defined -- authorized

  32-3-810. Paid-in capital defined -- authorized. (1) "Paid-in capital" means accounts or other interests of a corporate credit union that:   (a) may not exceed reserves and undivided earnings;   (b) may include both member paid-in capital and nonmember paid-in capital;   (c) are available to cover losses that exceed reserves and undivided earnings;   (d) are not insured by the national credit union share insurance fund (NCUSIF) or other share or deposit insurers;   (e) are callable only at the option of the corporate credit union and only if the corporate credit union meets its minimum level of required capital after the funds are called; and   (f) in the event of liquidation of the corporate credit union, are payable only after satisfaction of all liabilities of the liquidation estate, including uninsured share obligations to the shareholders, the NCUSIF, and membership capital holders.   (2) (a) A corporate credit union may issue paid-in capital to its members.   (b) Member paid-in capital must have an initial maturity of 20 years.   (c) A corporate credit union may not condition membership, services or prices for services on a member's ownership of paid-in capital.   (d) When a paid-in capital instrument has a remaining maturity of 5 years, the amount of the instrument that may be considered paid-in capital for the purposes of this part is reduced by a constant monthly amortization that ensures the recognition of paid-in capital is fully amortized when the instrument has a remaining maturity of 3 years.   (e) The terms and conditions of any member paid-in capital instrument must be disclosed to the recorded owner of the instrument at the time the instrument is created and at least annually thereafter.   (3) A corporate credit union may issue nonmember paid-in capital accounts. However, the corporate credit union may only issue the accounts after approval by the department and the national credit union administration (NCUA), and following an evaluation by the NCUA of the strategic purpose and financial impact of issuing the accounts, the corporate credit union's financial condition and management capabilities, the maturity and capital amortization schedules of the paid-in capital instrument; and the participation, voting, acceleration, redemption, or other rights of the holder.   History: En. Sec. 9, Ch. 365, L. 1997.
MT Code § 32-3-901 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 9. Taxation|32-3-901. Taxation

  32-3-901. Taxation. All credit unions organized under this or any other credit union law shall have the same immunity from state and local taxation that federal credit unions have from time to time under the laws of the United States.   History: En. 14-672 by Sec. 72, Ch. 38, L. 1975; R.C.M. 1947, 14-672.
MT Code § 32-3-902 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 9. Taxation|32-3-902. Stock transfer taxes

  32-3-902. Stock transfer taxes. The shares of any credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another.   History: En. 14-673 by Sec. 73, Ch. 38, L. 1975; R.C.M. 1947, 14-673.
MT Code § 32-3-903 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 9. Taxation|32-3-903. Effect of participation in government programs

  32-3-903. Effect of participation in government programs. The participation by a credit union in any government program providing unemployment, social security, old-age pension, or other benefits shall not be deemed a waiver of the taxation exemption hereby granted.   History: En. 14-674 by Sec. 74, Ch. 38, L. 1975; R.C.M. 1947, 14-674.
MT Code § 32-3-1001 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1001. and 32-3-1002 reserved

  32-3-1001 and 32-3-1002 reserved.
MT Code § 32-3-1003 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1003. Penalty for false statements or entries to books and records

  32-3-1003. Penalty for false statements or entries to books and records. (1) The department of administration may impose a fine not exceeding $50,000 on a director, an executive officer, an agent, or an employee of a credit union who willfully and knowingly:   (a) makes or subscribes a false statement of facts, statement of account, or report; or   (b) makes a false entry in the books of the credit union or knowingly subscribes or exhibits false papers with the intent to deceive a person authorized to examine the credit union.   (2) The fines must be deposited in the general fund.   History: En. Sec. 1, Ch. 480, L. 2019.
MT Code § 32-3-1004 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1004. Penalty for fraud by director, executive officer, agent, or employee

  32-3-1004. Penalty for fraud by director, executive officer, agent, or employee. (1) The department of administration may impose the penalty described in subsection (2) if a director, an executive officer, an agent, or an employee of a credit union:   (a) (i) knowingly receives or takes possession of any credit union property, except in payment for a just demand; and   (ii) with the intent to defraud fails to make or to cause or direct to be made a full and true entry of the receipt or possession in its books and accounts or concurs in failing to make a material entry in its books and account;   (b) knowingly concurs in making or publishing a written report, exhibit, or statement of its affairs or pecuniary condition containing any material statement that is false; or   (c) having the custody or control of the credit union's books, willfully refuses or neglects to make a proper entry in the credit union's books as required by law, to exhibit the books, or to allow the books to be inspected and allow extracts to be taken from the books by the department.   (2) An individual who is found guilty or pleads guilty to a charge under subsection (1) may be imprisoned in a state correctional facility for a term not exceeding 5 years or be fined by the department an amount not to exceed $10,000, or both.   History: En. Sec. 2, Ch. 480, L. 2019.
MT Code § 32-3-1005 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1005. Theft of funds

  32-3-1005. Theft of funds. (1) The following conditions are considered theft for which the offender, upon conviction, is to be imprisoned in a state correctional facility for a term not exceeding 20 years and fined by the department of administration an amount not to exceed $50,000:   (a) fraudulent appropriation, misapplication, or theft of the money, funds, credits, or property of a credit union, whether owned by the credit union or held in trust;   (b) fraudulent issuance or putting forth of a share certificate;   (c) fraudulent drawing of an order or bill of exchange;   (d) fraudulent acceptance or assignment of a note, bond, draft, bill of exchange, mortgage, judgment, or decree with intent to injure or defraud the credit union; or   (e) fraudulent attempt to deceive an officer of the credit union or anyone appointed to examine the affairs of the credit union.   (2) This section applies to a credit union director, officer, or employee or any person who with like intent aids or abets any individual listed under this subsection (2) in the actions listed in subsection (1).   History: En. Sec. 3, Ch. 480, L. 2019.
MT Code § 32-3-1006 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1006. and 32-3-1007 reserved

  32-3-1006 and 32-3-1007 reserved.
MT Code § 32-3-1008 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1008. Concealing actions from directors

  32-3-1008. Concealing actions from directors. (1) An officer or employee of a credit union who intentionally conceals from the directors or a committee of the directors any of the actions under subsection (2) may be charged with a misdemeanor, and upon being found guilty or pleading guilty is subject for each offense to a term of not more than 12 months in the county jail or a fine by the department of administration of not more than $500, or both.   (2) The following actions intentionally concealed from the directors are violations of this chapter:   (a) providing a discount, an extension of credit, or a loan made on behalf of the credit union; or   (b) purchasing a security, selling any of the credit union's securities, or making any guarantee, repurchase agreement, or other agreement obligating the credit union.   History: En. Sec. 4, Ch. 480, L. 2019.
MT Code § 32-3-1009 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1009. False statement to obtain or extend loan

  32-3-1009. False statement to obtain or extend loan. An individual may be fined by the department of administration not more than $1,000 for each false statement made:   (1) to obtain for the individual or for another person, a firm, a corporation, or an association a loan of money from a credit union;   (2) to gain an extension of time for the payment of a debt owed to the credit union; or   (3) to extend credit to a customer.   History: En. Sec. 5, Ch. 480, L. 2019.
MT Code § 32-3-1010 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1010. through 32-3-1012 reserved

  32-3-1010 through 32-3-1012 reserved.
MT Code § 32-3-1013 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 3. Credit Unions|Part 10. Penalties|32-3-1013. Removal of directors, officers, employees -- hearing

  32-3-1013. Removal of directors, officers, employees -- hearing. (1) A director, an officer, or an employee of a credit union who is found by the department of administration, after examination, to be negligent, dishonest, reckless, or incompetent or to have violated the provisions of this part must be removed from office by the supervisory committee of the credit union on the written order of the department.   (2) If the directors neglect or refuse to remove the director, officer, or employee and any losses accrue to the credit union by reason of the negligence, dishonesty, recklessness, or incompetency of the director, officer, or employee, the department's written order is conclusive evidence of the negligence of the directors' failure to act as required in subsection (1) in any action brought against the board of directors by a member of the credit union for recovery of losses.   (3) If the supervisory committee refuses to remove the director, officer, or employee on order of the department, the supervisory committee may file a request for hearing pursuant to the Montana Administrative Procedure Act.   History: En. Sec. 6, Ch. 480, L. 2019.
MT Code § 32-4-101 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 1. General Provisions|32-4-101. Definitions

  32-4-101. Definitions. As used in this chapter, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:   (1) "board of directors"--the board of directors of a corporation created under this chapter;   (2) "corporation"--a Montana development corporation created under this chapter;   (3) "financial institution"--any banking corporation or trust company, building and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds;   (4) "loan limit"--for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation, as determined under the provisions of this chapter;   (5) "member"--any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.   History: En. Sec. 2, Ch. 128, L. 1969; R.C.M. 1947, 15-2602; amd. Sec. 1, Ch. 320, L. 1983.
MT Code § 32-4-102 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 1. General Provisions|32-4-102. Purpose

  32-4-102. Purpose. (1) The purposes of the corporation shall be to:   (a) promote, stimulate, develop, and advance the business prosperity and economic welfare of the state of Montana and its citizens;   (b) encourage and assist through loans, investments, or other business transactions in the location of new business and industry in this state and to rehabilitate and assist existing business and industry;   (c) stimulate and assist in the expansion of all kinds of business activity which will tend to promote the business development and maintain the economic stability of this state, provide maximum opportunities for employment, encourage thrift, and improve the standards of living of the citizens of this state;   (d) cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and recreational developments in this state; and   (e) provide financing for the promotion, development, and conduct of all kinds of business activity in this state.   (2) In furtherance of such purposes and in addition to the powers conferred on business corporations by the provisions of Title 35 the corporation shall, subject to the restrictions and limitations herein contained, have the additional powers and functions enumerated herein.   History: En. Sec. 1, Ch. 128, L. 1969; R.C.M. 1947, 15-2601.
MT Code § 32-4-103 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 1. General Provisions|32-4-103. Credit of state and local governments not pledged

  32-4-103. Credit of state and local governments not pledged. Under no circumstances is the credit of the state, county, or municipal governments or their agencies or authorities pledged under this chapter.   History: En. Sec. 17, Ch. 128, L. 1969; R.C.M. 1947, 15-2617; amd. Sec. 1, Ch. 497, L. 1989.
MT Code § 32-4-104 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 1. General Provisions|32-4-104. Application of corporation law

  32-4-104. Application of corporation law. The provisions of Title 35 shall apply to the corporation insofar as they may be applicable and not inconsistent with this chapter.   History: En. Sec. 18, Ch. 128, L. 1969; R.C.M. 1947, 15-2618.
MT Code § 32-4-202 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-202. Duration

  32-4-202. Duration. The period of duration of the corporation shall be perpetual.   History: En. Sec. 15, Ch. 128, L. 1969; R.C.M. 1947, 15-2615.
MT Code § 32-4-203 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-203. Certificate of incorporation

  32-4-203. Certificate of incorporation. Before the articles of incorporation may become effective, the secretary of state shall issue a certificate that verifies that a copy of the articles containing the required statement of facts has been filed in the secretary of state's office. Upon issuance of the certificate, the persons signing the articles, their associates, and their successors and assigns become a body politic and corporate, by the name specified in the articles of incorporation, subject to amendment and dissolution as provided in this chapter. The incorporators have the authority to and shall perform the acts and things as required by the provisions of this chapter, as set forth in 32-4-201.   History: En. Sec. 4, Ch. 128, L. 1969; R.C.M. 1947, 15-2604; amd. Sec. 1050, Ch. 56, L. 2009.
MT Code § 32-4-204 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-204. Effect of failure to commence business

  32-4-204. Effect of failure to commence business. If a corporation organized pursuant to this chapter shall fail to begin business within 5 years from the effective date of its articles of incorporation, then said articles shall become null and void.   History: En. Sec. 16, Ch. 128, L. 1969; R.C.M. 1947, 15-2616.
MT Code § 32-4-205 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-205. Amendment of articles of incorporation

  32-4-205. Amendment of articles of incorporation. (1) The articles of incorporation may be amended by vote of the stockholders of the corporation, and the amendments require approval by the affirmative vote of two-thirds of the stockholders, provided:   (a) that an amendment that is inconsistent with the general purposes expressed in this chapter or that eliminates or curtails the obligation of the corporation to make reports as provided in 32-4-306 may not be made without amendment of this chapter; and   (b) that an amendment of the articles of incorporation that increases the obligation of a member to make loans to the corporation, makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of any outstanding loan of a member to the corporation, or affects a member's right to withdraw from membership as provided in 32-4-303 may not be made without the consent of each member affected by the amendment.   (2) Within 30 days after any meeting at which amendment of the articles of incorporation has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth the amendment and the due adoption of the amendment, must so far as consistent with this chapter be submitted, as prescribed in Title 35, to the secretary of state who shall examine the articles. If the secretary of state finds that the articles conform to the requirements of this chapter, the secretary of state shall so certify and endorse approval on the amended articles. Upon certification and approval, the amended articles of incorporation must be filed in the office of the secretary of state, and an amendment may not take effect until the amended articles of incorporation have been filed as provided in this subsection.   History: En. Sec. 5, Ch. 128, L. 1969; R.C.M. 1947, 15-2605; amd. Sec. 1, Ch. 91, L. 1987; amd. Sec. 1051, Ch. 56, L. 2009.
MT Code § 32-4-206 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-206. Board of directors

  32-4-206. Board of directors. (1) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president and treasurer, and other officers and agents as the corporation by its bylaws shall authorize.   (2) The board of directors shall consist of a number, not less than nine, as determined in the first instance by the incorporators and thereafter annually by the stockholders of the corporation, provided that any state, county, or municipal agency or authority that has made a grant or loan to the corporation shall have at least one seat on the board of directors and additional seats representative of its proportional investment in the corporation.   (3) The directors need not be stockholders in the corporation.   (4) The board of directors may exercise all the powers of the corporation except as are conferred by law or by the bylaws of the corporation upon the stockholders and shall choose and appoint all the agents and officers of the corporation and fill all vacancies in the office of director.   (5) The board of directors shall be elected in the first instance by the incorporators and thereafter at each annual meeting of the corporation or, if no annual meeting is held in any year at the time fixed by the bylaws, at a special meeting held in lieu of the annual meeting. At each annual meeting or at each special meeting held in lieu of the annual meeting, the stockholders shall elect the directors. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after their election and until their successors are elected and qualified, unless sooner removed in accordance with the provisions of the bylaws.   (6) Directors and officers are not responsible for losses unless the losses were occasioned by the willful misconduct of the directors and officers.   History: En. Sec. 6, Ch. 128, L. 1969; R.C.M. 1947, 15-2606; amd. Sec. 2, Ch. 91, L. 1987; amd. Sec. 3, Ch. 497, L. 1989.
MT Code § 32-4-207 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-207. First meeting of corporation

  32-4-207. First meeting of corporation. (1) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least 5 days before the day appointed for the meeting. Said first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There shall be recorded in the minutes of the meeting a copy of said notice or of such unanimous agreement of the incorporators.   (2) At such first meeting the incorporators shall organize by the choice by ballot of a temporary clerk, by the adoption of bylaws, by the election by ballot of directors, and by action upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Five of the incorporators shall be a quorum for the transaction of business.   History: En. Sec. 8, Ch. 128, L. 1969; R.C.M. 1947, 15-2608.