Montana Code 32-2-1103. Appointment of corporation as agent in liquidation
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32-2-1103. Appointment of corporation as agent in liquidation. If a savings institution whose deposits are in any extent insured by the federal deposit insurance corporation created by the Federal Deposit Insurance Act, 12 U.S.C. § 1811 through 1831, is closed on account of the savings institution’s inability to meet the demands of its creditors, the department may appoint the corporation agent, without bond, to assist the department or act for it in the liquidation of that savings institution.
Terms Used In Montana Code 32-2-1103
- 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 2-15-1001. See Montana Code 32-2-603
- 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