Montana Statutes
§ 32-2-1213 — Board Of Directors -- Lack Of Quorum -- Temporary Board Members
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 2 MUTUAL SAVINGS AND LOAN ASSOCIATIONS·Part 12 Removal of Directors or Officers
32-2-1213 . Board of directors -- lack of quorum -- temporary board members.
(1)If at any time because of the suspension or removal of one or more board members pursuant to this part the board of directors of an institution has less than a quorum of board members not suspended or removed, all powers and functions vested in or exercisable by the board vest in and are exercisable by the board members not suspended or removed until a time when there is a quorum of the board members.
(2)If all of the board members have been suspended or removed, the commissioner shall appoint persons to serve temporarily as board members, pending the termination of the suspensions or removals or until a time when their successors are duly elected and take office.
Free access — add to your briefcase to read the full text and ask questions with AI
Montana § 32-2-1213 (Board Of Directors -- Lack Of Quorum -- Temporary Board Members) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
En. Sec. 131, Ch. 431, L. 2021.
Nearby Sections
15
§ 32-2-1001
Dissolution And Disincorporation§ 32-2-1002
Grounds For Closing Mutual Association§ 32-2-1003
When Mutual Association Insolvent§ 32-2-1004
Deposits In Insolvent Mutual Associations§ 32-2-1007
Corporate Existence -- Cessation§ 32-2-101
Repealed§ 32-2-1010
Resumption After Closing§ 32-2-1013
Department May Retain Mutual Association Employees -- Liquidating Agent's Salary And Expenses§ 32-2-1014
Compensation Of Agents And Attorneys