Montana Code 32-1-511. Bank may be placed in department’s possession
32-1-511. Bank may be placed in department‘s possession. A bank may place its affairs and assets under the control and in the possession of the department by posting a notice on the front door of the bank indicating that it is in the possession of the department. The notice shall be signed by a majority of the directors in office of the bank. Immediately upon the posting of the notice by a bank, it shall notify the department of its action.
Terms Used In Montana Code 32-1-511
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- bank: as used in this chapter means any corporation that has been incorporated to conduct the business of receiving money on deposit or transacting a trust or investment business, as defined in this chapter. See Montana Code 32-1-102
- Control: means :
(a)ownership of, authority over, or power to vote, directly or indirectly, 25% or more of any class of voting security;
(b)authority in any manner over the election of a majority of directors; or
(c)power to exercise, directly or indirectly, a controlling influence over management and policies. See Montana Code 32-1-109
- Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109