Montana Code 32-2-1102. Savings institutions empowered to receive federal deposit insurance corporation aid
32-2-1102. Savings institutions empowered to receive federal deposit insurance corporation aid. (1) A savings institution may, on the authority of its board of directors or a majority of the board, enter into the contracts, incur the obligations, and generally perform any acts necessary or appropriate in order to take advantage of any memberships, loans, subscriptions, contracts, grants, rights, or privileges available to savings institutions or to their depositors, creditors, conservators, or liquidators by virtue of the provisions of the Federal Deposit Insurance Act that establish the federal deposit insurance corporation and provide for the insurance of deposits or of any other act or resolution of congress to aid, regulate, or safeguard savings institutions and their depositors.
Terms Used In Montana Code 32-2-1102
- 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.
- Deposit: has the meaning provided in 12 C. See Montana Code 32-2-603
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- savings institution: means a mutual association that is organized under the laws of this state. See Montana Code 32-2-1101
(2)A savings institution may subscribe for and acquire stock, debentures, bonds, or other types of securities of the federal deposit insurance corporation and may comply with the lawful rules and requirements from time to time adopted by that corporation.