Montana Code 19-18-402. Investment of fund by trustees
19-18-402. Investment of fund by trustees. (1) Subject to the provisions of 19-18-403, when directed by a majority vote of the members of the association, the board of trustees may invest the surplus money in the fund or any part of the surplus money in:
Terms Used In Montana Code 19-18-402
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)time or saving deposits in a solvent bank, building and loan association, savings and loan association, or credit union operating in the county in which the city or town is located;
(b)bonds or other securities of the United States government; or
(c)general obligation bonds or warrants of any state, county, or city.
(2)Unless otherwise required under 19-18-403, a change in investment type is subject to a majority vote of the board of trustees of the association.