Montana § 32-2-817 Conversion Into Federal Savings And Loan Association

Montana Statutes

§ 32-2-817 — Conversion Into Federal Savings And Loan Association

Montana § 32-2-817

Title 32FINANCIAL INSTITUTIONS

Ch. 2MUTUAL SAVINGS AND LOAN ASSOCIATIONS

Part 8Formation and Reorganization

This text of Montana § 32-2-817 (Conversion Into Federal Savings And Loan Association) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 32-2-817 (2026).

Text

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 me

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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.