Montana Statutes
§ 32-2-831 — Agreement Of Purchase And Sale
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 2 MUTUAL SAVINGS AND LOAN ASSOCIATIONS·Part 8 Formation and Reorganization
32-2-831 . Agreement of purchase and sale.
(1)The selling and purchasing mutual associations shall enter into an agreement that must contain:
(a)all of the terms and conditions of the sale;
(b)proper provision for the assumption, payment, transfer, or retention of all of the liabilities of the selling mutual association as to the branch assets and business sold; and
(c)proper provision for the assumption, payment, transfer, or retention of the purchasing mutual association of all fiduciary obligations of the branch or branch business sold.
(2)The agreement for purchase and sale of a state mutual association must be authorized and approved by the department. The agreement of purchase and sale of a national savings association must be in accordance with the laws applicable to national s
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Legislative History
En. Sec. 41, 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Repealed§ 32-2-1010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