Montana § 35-15-402 Forfeiture Of Stock For Nonpayment -- Reissuance

Montana Statutes

§ 35-15-402 — Forfeiture Of Stock For Nonpayment -- Reissuance

Montana § 35-15-402

Title 35CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Ch. 15COOPERATIVE ASSOCIATIONS

Part 4Shares, Dividends, and Distributions

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Bluebook

Mont. Code Ann. § 35-15-402 (2026).

Text

35-15-402 . Forfeiture of stock for nonpayment -- reissuance. Forfeiture of the stock for nonpayment of installments may be provided for in the bylaws, and whenever a share of stock is forfeited, such share shall become the property of the association and may be reissued to any person already a holder of common stock; but any proceeds received by the association from such reissue, over and above the amount due on said share, shall be paid to the delinquent shareholder.

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35-15-402 . Forfeiture of stock for nonpayment -- reissuance. Forfeiture of the stock for nonpayment of installments may be provided for in the bylaws, and whenever a share of stock is forfeited, such share shall become the property of the association and may be reissued to any person already a holder of common stock; but any proceeds received by the association from such reissue, over and above the amount due on said share, shall be paid to the delinquent shareholder.

Legislative History

En. Sec. 876, Civ. C. 1895; re-en. Sec. 4216, Rev. C. 1907; amd. Sec. 1, Ch. 3, L. 1909; re-en. Sec. 6381, R.C.M. 1921; amd. Sec. 2, Ch. 135, L. 1933; re-en. Sec. 6381, R.C.M. 1935; R.C.M. 1947, 14-207(part).