Montana Code 32-1-374. Conversion of national bank to state bank
32-1-374. Conversion of national bank to state bank. (1) A national bank may convert to a state bank on the consent in writing of the owners of two-thirds of the capital stock of the bank and with the approval of the department. The stockholders shall make, execute, and acknowledge articles of incorporation as required by the laws of the state of Montana and shall set forth in the articles of incorporation the written consent of the stockholders. When the articles and the department approval are filed as provided by law, the bank is converted under this chapter, and all assets, real and personal, of the national bank are vested in and become the property of the converted state bank, subject to all liabilities of the national bank not liquidated before the conversion.
Terms Used In Montana Code 32-1-374
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of administration provided for in Title 2, chapter 15, part 10. See Montana Code 32-1-109
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Property: means real and personal property. See Montana Code 1-1-205
- 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
- Writing: includes printing. See Montana Code 1-1-203
(2)The cashier of the bank shall:
(a)publish notice of the change once a week for 4 consecutive weeks in the newspaper that the directors select;
(b)send a printed notice by mail or otherwise to all nonvoting or dissenting stockholders; and
(c)notify the department that the bank has decided to become a corporation under the laws of Montana.