Montana Code 32-1-466. Purchase of obligation of bank by officer
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32-1-466. Purchase of obligation of bank by officer. A director, officer, agent, or other employee of any bank may not, directly or indirectly, for the person‘s own personal benefit, purchase, sell, or be interested in the purchase or sale of any obligation of the bank or of any of the assets of the bank for a sum less than the amount that appears upon the face of the obligation or obligations purchased or sold. Every person violating the provisions of this section shall, in addition to the general penalties of this chapter, forfeit to the state twice the nominal amount or face value of the obligations or assets purchased or sold.
Terms Used In Montana Code 32-1-466
- 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
- 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.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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