Montana Code 32-2-811. Failure to commence business
32-2-811. Failure to commence business. (1) Any mutual association that fails to commence business as a financial institution within 1 year after receiving a certificate of authorization forfeits that certificate and shall cease all activities. The commissioner shall certify to the secretary of state that the certificate of authority has been forfeited so that the mutual association’s articles of incorporation may be terminated by the secretary of state.
Terms Used In Montana Code 32-2-811
- Capital: means , with respect to a mutual association:
(a)retained earnings; or
(b)at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. See Montana Code 32-2-603
- Commissioner: means the commissioner of banking and financial institutions as provided in 32-1-211. See Montana Code 32-2-603
- Mutual association: means any corporation that has been incorporated to conduct the business of receiving money on deposit from its members and making substantially all of its loans on one-to-four family real estate mortgage security. See Montana Code 32-2-603
- 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
(2)On forfeiture, the contributors of initial capital deposits of the mutual association are entitled to the return of any amounts they have paid to the institution, and all expenses incurred in the organization must be borne by the original organizers who were named in the application for permission to organize.