Montana Statutes
§ 32-3-305 — Societies -- Associations
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 3 CREDIT UNIONS·Part 3 Organization, Membership, and Dissolution
32-3-305 . Societies -- associations.
(1)Societies and partnerships composed primarily of individuals who are eligible for membership and corporations whose stockholders are composed primarily of such individuals may be admitted to membership in the same manner and under the same conditions as individuals.
(2)No loan may be made to any member society, partnership, or corporation in an aggregate amount that is in excess of 5% of the credit union's shares and retained earnings. Total loans to member societies, partnerships, and corporations is limited to an aggregate amount of 15% of the credit union's shares and retained earnings.
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Legislative History
En. 14-616 by Sec. 16, Ch. 38, L. 1975; R.C.M. 1947, 14-616; amd. Sec. 2, Ch. 522, L. 1985.
Nearby Sections
15
§ 32-3-1001
And 32-3-1002 Reserved§ 32-3-1005
Theft Of Funds§ 32-3-1006
And 32-3-1007 Reserved§ 32-3-1008
Concealing Actions From Directors§ 32-3-1009
False Statement To Obtain Or Extend Loan§ 32-3-101
Short Title§ 32-3-1010
Through 32-3-1012 Reserved§ 32-3-102
Purposes -- Definitions§ 32-3-103
Use Of Name Exclusive§ 32-3-104
Office Facilities§ 32-3-105
Fiscal Year