Montana Code 50-4-718. Deposit of assets
50-4-718. Deposit of assets. Any public assets distributed pursuant to 50-4-716 as a result of the conversion transaction of a nonprofit health entity approved by the commissioner and the attorney general on or after April 8, 2005, must be distributed as provided in 50-4-720.
Terms Used In Montana Code 50-4-718
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Montana state auditor and ex officio commissioner of insurance provided for in 2-15-1903. See Montana Code 50-4-701
- conversion transaction: means the sale, transfer, lease, exchange, transfer by exercise of an option, optioning, conveyance, merger, affiliation, mutualization, joint venture, or other disposition by a nonprofit health entity or another person or entity resulting in the transfer of control or governance to a person or entity other than the nonprofit health entity of the lesser of:
(i)more than 10% in fair market value of the assets or operations of a nonprofit health entity; or
(ii)assets of a nonprofit health entity amounting to a fair market value of $5 million or more. See Montana Code 50-4-701
- Nonprofit health entity: means :
(i)a nonprofit health maintenance organization; or
(ii)a nonprofit health service corporation. See Montana Code 50-4-701
- Public assets: include :
(a)assets held for the benefit of the public or the community;
(b)assets in which the public has an ownership interest;
(c)assets owned by a governmental entity; and
(d)assets owned by a nonprofit corporation to the extent that the corporation holds assets in a charitable trust. See Montana Code 50-4-701